Yet another financial giant has announced a global shift of its entire operation to blockchain. According to the announcement made by the investment funds network Calastone, a founding member of the Linux Hyperledger Project, the switch should be fully completed as soon as in May of 2019.
The main improvement that the end user will see is the creation of a global marketplace, allowing buyers and sellers to connect and make transactions securely and efficiently. According to the Calastone’s calculations, a switch like that can save the global investment industry minimum $4.3 billion a year, which can be used for additional investments instead. The other two milestones investors are planning to achieve are faster transaction speeds and security, additionally to improved transparency and broadened value chain.
According to the numbers in the official press release, Calastone includes over 1700 organizations, offering services in 40 global markets. Their client list is also quite impressive, including such financial giants as JP Morgan Asset Management, Invesco and Schroders. Upon successful implementation of the blockchain platform completed by Calastone, more companies in the industry will follow, financial analysts say.