Broadridge Gets Patent for Proxy & Repo Blockchain
The patent covers the process of proxy and repo processing through a permissioned blockchain.
The patent, number 9,967,238, covers the blockchain process developed for a repo pilot it undertook with two global investment banks and its proxy voting program with Northern Trust, Banco Santander, and JPMorgan. Both projects were deemed successful and showed how distributed ledger technology (DLT) helped increase efficiency by streamlining reconciliation, improve data management and cut costs. The patent also includes Broadridge’s private permissioned blockchain system.
Michael Tae
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