Wealth Management and Asset Service provider, Northern Trust has recently announced that it was successful in getting two U.S patents. The patents allegedly support the firm’s original goal of initiating a commercial blockchain solution for administrative related tasks within private equities, as per Nasdaq’s reporting.

The two patents are dubbed, “Digital Identity Management”, and the “Digital Meeting Management”. The former appears to address ways in which identity can be verified, while the later focuses on ensuring that stored data is immutable.

Asset servicing deems to be Northern Trust’s priority for the moment, with different layers attached, including the likes of artificial intelligence (AI), robotic processing and catching up to recent technological advancements, writes the Press Release.

President at Northern Trust’s Corporate and Institutional Services, Pete Cherecwich believes that the U.S Patent and Trademark Office (USPTO)’s approval of the patents signifies a great move for the firm, adding that they have a competitive advantage in possibly “leading the way with technology innovation.”

Cherecwich further underlined that researching the specs of innovative technologies is ideal for bringing efficient solutions to clients. He also mentioned that blockchain technology has “the potential to drive major industry-wide improvements and could significantly change how financial transactions are conducted.”

The asset management firm has since explored different ways in which their clients will be getting the best services possible and this could mean anywhere between “reducing transactional friction” to “increasing transparency in the investment lifecycle.”

The confidence witnessed in some of the comments shared by Northern Trust’s representatives comes from considering several crucial factors, which the Press Release noted as being the company’s ability to improve upon the distributed ledger technology, keeping up with technological advancements, assessing market and industry conditions and bearing in mind the importance of regulatory aspects to name the least.

To read the firm’s complete Press Release, go to: https://m.northerntrust.com/news-financial-statement/press-release?c=505ba4e1378f5bbcaec7c1c1817cb9ee

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