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The $4.8tn asset manager is launching its blockchain, developed in partnership with CRSP and Symbiont, will enable data to move instantly between index providers and market participants. Lowell Putnam, CEO of Quovo, believes that private blockchains like this one will also help improve technology products for advisers.
"There are so many things that happen in the market that rely on this index data," Mr. Pennington said. Currently, this data must travel through multiple parties and distribution channels before it reaches investment professionals. With the blockchain, any update to the index data is made instantly and is available to all parties involved, reducing time, the need for manual work, and changes for errors. Mr. Pennington said it will allow Vanguard to cut its own costs while improving how accurately its funds track an index.
