Northern Trust Enables Smart Contract Capability to Private Equity Blockchain

Northern Trust Enables Smart Contract Capability to Private Equity BlockchainNorthern Trust Enables Smart Contract Capability to Private Equity Blockchain
By Trevin Casinader - April 16, 2019

Financial services giant Northern Trust has announced that it has enhanced its blockchain solution for private equity fund administration and deployed legal clauses as smart contracts.

The company launched its first commercial blockchain solution for private equity fund administration back in 2017. It has also collaborated with major audit firms to enable real-time auditing of private equity lifecycle events on the blockchain.

The new capability was deployed for Emerald Technology Ventures, a venture capital firm with funds administered on Northern Trust’s blockchain in Guernsey.

The development comes on the heels of a recent amendment to existing law in Guernsey, which laid the foundation for legal validity of electronic agents and 'smart contracts'.