Blockchain could save asset managers $2.7bn a year if the investment industry shunned the laborious manual practices involved in buying and selling funds in favour of using online ledger technology, according to research published on Thursday.
Technology company Calastone said blockchain, which is a giant online ledger, could revolutionise the processes involved in buying and selling funds, generating large savings for investors in the process.
It estimated that based on daily trade volumes of funds in the UK, Ireland, Luxembourg, Hong Kong, Singapore, Taiwan and Australia, £1.9bn — or $2.7bn — in savings was possible.
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