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U.K.-Based Firm Successfully Tests Blockchain to Sell Mutual Funds

The Financial Times reported that a technology company successfully used blockchain to buy and sell mutual funds under test conditions. According to the report, Calastone replicated trades carried out by its clients and its technology proved capable of processing a full day’s trades across a wide, global client and fund distribution base. Calastone describes itself as a “global funds transaction network and Future50 FinTech pioneer.” Northern Trust and Fidelity are among financial firms that have used blockchain in their business activities. The Financial Times also reported that earlier this year, BNP Paribas Securities Services teamed up with Axa Investment Managers on a blockchain project. Among the expected benefits of blockchain are lower transaction costs and improved efficiency. The Calastone test was the largest-scale test of blockchain in the fund industry to date, according to the report.