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Bailey McCann, Opalesque New York:

Private equity clients at Northern Trust can now carry out audits of private equity lifecycle events directly from the blockchain. Northern Trust, working with PwC and other audit firms in Guernsey, has added this feature to its existing solution set for private equity using blockchain.

The latest update allows an audit firm to have its own blockchain node, providing access to relevant fund data to enable real-time audit capabilities.

As Opalesque previously reported, Northern Trust launched the first commercial deployment of blockchain technology for private equity fund administration last year. Northern Trust's solution was developed through work with its client $20 billion Swiss asset manager Unigestion and enables private equity firms to manage fund documentation through verified ledger transactions. Northern Trust partnered with IBM for the offering, which works off of the Hyperledger Fabric. Hyperledger is an open-source blockchain development platform that is focused on finding ways to use distributed technology in financial services.

The latest development gives the audit firms access to a "golden copy," or immutable master record, of the fund's data from their own offices. Audit firms can then either transfer the required data into internal applications to complete the audit process or develop n......................

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