Silicon Valley-based PeerNova, Inc. announced that it is developing a program using its platform, Cuneiform, designed to enhance asset and transaction-based tracking for investments with State Street. Cuneiform is a Big Data platform that is designed to support the speed and scale required by large financial institutions to report on performance while incorporating the key characteristics of blockchain technology in keeping the data immutable, verifiable, and secure.
Using Cuneiform, the trial program will be designed to track the flow of funds with greater certainty, providing State Street with more transparent, timely and auditable reporting methods for clients. Custody banks like State Street manage trillions of dollars of invested capital on behalf of their clients, including asset managers, asset owners, insurers, official institutions, hedge funds and private equity funds and other alternatives.
Hu Liang, senior vice president of Emerging Technologies Center at State Street, commented: “Tracking the flow of investment capital is critical for fund managers in calculating the performance of their investments. Together, we are developing technology that is designed to track the lineage of capital with precision and verifiability. While currently a trial, the potential to provide that level of detail more efficiently and more effectively can bring meaningful value to our clients.”
President and CEO of PeerNova, Dr. Naveed Sherwani remarked: “PeerNova has been deeply engaged with some of the world’s largest financial institutions since early 2015 to solve pain points they have today. Our unique approach to blockchain technology enabled us to identify practical solutions that can be implemented within existing banking infrastructures in the near term.”
