Business Challenge story
Northern Trust wanted to find a way to make it easier to promote private equity funds. In the past, if a client wanted to promote a fund, they would have to create numerous paper documents, exchange them with interested parties, by email or postal service, wait for signatures, and then verify those signatures. The process was slow and it was difficult to ensure security.
Working in close collaboration with IBM, Northern Trust used agile methodology to quickly develop a private equity fund promotion solution using IBM Blockchain technology. The solution enables users to log into a website and quickly and easily upload relevant documents to initiate the equity fund lifecycle. Because the documents are recorded on the blockchain, interested parties have near-real-time access to the documents.
Working closely with IBM and using agile methods, Northern Trust moved from concept to production in just six months. The solution makes it much faster and easier to initiate private equity funding because users can just log into a website to share documents, rather than having to exchange emails or letters. Northern Trust anticipates that investors will reduce the creation and promotion cycle for private equity funds by months using the blockchain-based solution.