American asset management firm Northern Trust has partnered with PwC to offer audit firms quick access to private equity fund data on its blockchain platform.
The move will allow audit firms to run their own blockchain nodes, gaining access to data required for real-time audits.
The audit firms leveraging blockchain will get a “golden copy” of the fund data and will have the option of transferring the data into existing audit applications or developing new tools to make audits directly from blockchain.
Northern Trust president of corporate and institutional services Pete Cherecwich said: “By expanding our private equity blockchain ecosystem to the audit community, Northern Trust has enabled audit transactions to be recorded on a blockchain in real time.
“This will result in direct efficiencies to both the audit firms and Northern Trust, and provide investors with a more timely and valued assurance product.”
The asset manager had teamed up with technology giant IBM in February 2017 to develop the blockchain solution, which is based on the open source Linux Foundation Hyperledger Fabric.