New Program Seeks to Enhance Performance Reporting with
Immutability, Verifiability and Security
SAN JOSE, California and
BOSTON, Sept. 19, 2016 /PRNewswire/ -- PeerNova, Inc.
today announced that it is developing a program using its platform,
Cuneiform, designed to enhance asset and transaction-based tracking
for investments with State Street (NYSE: STT). Cuneiform is a
Big Data platform that is designed to support the speed and scale
required by large financial institutions to report on performance
while incorporating key characteristics of blockchain technology:
immutability, verifiability, and security.
Using Cuneiform, the trial program will be designed to track the
flow of funds with greater certainty, thereby providing State
Street more transparent, timely and auditable reporting methods for
clients. Custody banks, like State Street, manage trillions of
dollars of invested capital on behalf of their clients, including
asset managers, asset owners, insurers, official institutions,
hedge funds and private equity funds and other
alternatives.
"Tracking the flow of investment capital is critical for fund
managers in calculating the performance of their investments," said
Hu Liang, senior vice president,
Emerging Technologies Center at State Street. "Together, we
are developing technology that is designed to track the lineage of
capital with precision and verifiability. While currently a
trial, the potential to provide that level of detail more
efficiently and more effectively can bring meaningful value to our
clients."
"PeerNova has been deeply engaged with some of the world's
largest financial institutions since early 2015 to solve pain
points they have today," said Dr. Naveed
Sherwani, president and CEO of PeerNova. "Our unique
approach to blockchain technology enabled us to identify practical
solutions that can be implemented within existing banking
infrastructures in the near term."
About PeerNova, Inc.
Combining the best of Blockchain
and Big Data technologies, PeerNova uniquely enables financial
institutions to securely and verifiably manage data to address
their toughest reconciliation, audit and compliance
challenges. Based in Silicon Valley, the PeerNova team has
expertise in distributed systems, blockchain technology, networking
solutions, compiler technology, big data, and financial
services. For more information, visit
http://www.peernova.com.
About State Street Corporation
State Street
Corporation (NYSE: STT) is one of the world's leading providers of
financial services to institutional investors, including investment
servicing, investment management and investment research and
trading. With $27 trillion in assets
under custody and administration and $2
trillion* in assets under management as of March 31, 2016, State Street operates in more
than 100 geographic markets worldwide, including the US,
Canada, Europe, the Middle
East and Asia. For more
information, visit State Street's website at
www.statestreet.com
*Assets under management were $2.30
trillion as of June 30, 2016.
AUM reflects approximately $40
billion (as of June 30, 2016)
with respect to which State Street Global Markets, LLC (SSGM)
serves as marketing agent; SSGM and State Street Global Advisors
are affiliated.
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