Blockchain innovation in fund administration, launched for the
first time in Guernsey last year, has taken a further step forward
with Northern Trust's announcement that firms
can now carry out audits of private equity lifecycle events
directly from the blockchain.
The latest enhancement allows auditors to have their own
blockchain node, providing access to relevant fund data to enable
real-time audit. Northern Trust, working with PwC and
other firms in Guernsey, has proved that auditors can now access
fund data held on the private equity blockchain to audit specific
events.
This development gives the audit firms access to a 'golden
copy,' or immutable master record, of the fund's data from
their own offices. They can then either transfer the required data
into internal applications to complete the audit process, or
develop new tools that allow them to complete their work directly
from the blockchain itself.
