The blockchain update has strengthened the banking and finance sectors in recent months. But it had a major impact on the commodity sector as well especially mutual funds. A detailed research done by UK-based global funds network Calastone revealed that with the help of blockchain technology it is possible to save up to worth $2.6 bn mutual funds. Also, the company has been working on the blockchain powered system to transform fund management by which will bring in a new trend to the world of commodities.
Calastone is a reputed name in the international market and it holds credibility in whatever it preaches. The firm is betting on blockchain powered platforms which will help in transforming the entire fund management process via involving more than 1,700 financial companies. There are the companies for which Calastone processes the mutual fund to the online ledger. The switch will be completed by May next year and this is the first such transfer of its kind in terms of scale and funds.
The UK-based firm’s Chief Executive Julien Hammerson stated that this change will alter the trading of funds and the related process. He further added that processes have been severely affected by the rising cost, fraudulent activities and cut-throat competition in the market, as mentioned by Financial Times. The blockchain update has been nothing less than a boon for the financial stream in the recent months.
This ledger transfer of fund is going to save approximately £3.4bn which in fact does not include the US market. However, this is just an estimated amount and it can vary.
Calastone Research Earlier This Year And Its Results
According to Cointelegraph, Calastone blockchain update research in February this year revealed that it holds a significant value in the market if applied in an apt way across the various segments. The values unveiled in the research correspond to financial value and tangibility of blockchain based products or services can offer in the market.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]