State Street Bank tests blockchain-based investment project tracking and management system

Rage Comment : State Street Bank of the United States has started large-scale blockchain research and development by joining the blockchain alliance R3CEV. Based on the existing project results, the blockchain research has been implemented in specific investment project tracking and management applications. The project is carried out in cooperation with PeerNova, a California blockchain startup, and is the bank's largest blockchain project so far. At present, when blockchain technology is just starting and there is a lack of relevant talents, cooperation with blockchain startups is the main application development method for financial institutions.

Translation: Annie_Xu

State Street Corp. is working on a blockchain project to catalog transactions related to investment assets.

The Boston-based investment services firm worked with California-based blockchain startup PeerNova on the project, developing a prototype that can track the amount of money invested in investment transactions.

The company said the test project could eventually lead to a new product line that uses the technology to track assets.

Hu Liang

Hu Liang, senior vice president of State Street Bank’s Center for Emerging Technologies, said:

“Together we are working on technology that will allow us to track the path of capital with precision and clarity. Although currently in the pilot phase, the potential to provide detailed information efficiently could bring great value to our clients.”

The announcement marks the bank’s most significant blockchain initiative to date.

The bank is one of dozens of financial institutions participating in the R3 distributed ledger consortium and was one of the first to join the project last year. In November last year, State Street highlighted its new chief information officer as having extensive experience in the blockchain field.

The bank did not immediately comment on the project.