Broadridge Financial Solutions has secured a blockchain patent from the US Patent and Trademark Office.
US Patent number, 9,967,238 (the 238 patent) is directed to blockchain technology that will enhance Broadridge’s processes for proxy voting and repo agreements.
The blockchain-based bilateral repo pilot, will according to Broadridge, increase operational efficiency, reduce risk and improve auditability in the reconciliation processes.
The invention couples Broadridge’s private permissioned distributed ledger technology with cryptographic private keys to improve record keeping, security, accuracy, reconciliation, validation, data integrity, quality assurance, efficiency and speed to repo agreements and proxy processing.
It will also improve data management and reduce non-value added costs and expand Broadridge’s end-to-end proxy solution suite, leveraging the firm’s collaboration with other banking institutions to enhance global proxy vote transparency and analytics.
Tim Gokey, president and COO at Broadridge, said: “This blockchain patent is a significant milestone in Broadridge’s commitment to drive the innovation roadmap for the financial services industry.”
He added: “Through the invention of technology-based solutions, we aim to increase efficiency in the market and provide real business value for our clients that enables them to get ahead of today’s challenges and to capitalise on tomorrow’s opportunities.”
