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Leading Banks Partnered with Broadridge to Pilot Blockchain-Based Proxy Voting

JPMorgan, Northern Trust, and Banco Santander have teamed up with Broadridge Financial Solutions to pilot the use of blockchain technology for proxy voting. The trial was run in support of a corporate issuer's annual general meeting, with the blockchain tech used to produce a shadow digital register of the proxy voting taking place using more traditional means.

Broadridge mentioned that using distributed ledger technology provides transparency, by offering daily insight into vote progress throughout the issuer’s proxy voting period.. The application promises to ensure role-based access to voting data through use of cryptography and smart contract technology and is built on an Ethereum blockchain platform.

In January, NASDAQ reported the successful completion of a proof-of-concept using DLT to streamline proxy voting on companies listed on its Tallinn Stock Exchange, hinting that a wider rollout could be in the pipeline. Canada's TMX is working on a similar initiative.

News Characteristics

Date : Apr 12, 2017
Region : North America
Industry : Banks
Function : Operations and IT
Sub-Function : IT Modernization/Transformation