Broadridge secures blockchain patent
23 May 2018 New York
Image: Shutterstock
Broadridge Financial Solutions has secured a blockchain patent (238) from the US Patent and Trademark Office in an effort to enhance processes for proxy voting and repo agreements.
According to Broadridge, the patent will allow the affirm to innovate and partner with clients and market participants to maximise the benefits of distributed ledger technology (DLT) and to achieve interoperability and standardisation of blockchain platforms.
The 238 patent will also expand Broadridge’s end-to-end proxy solution suite, leveraging the firm’s collaboration with three global banking institutions to employ blockchain technology to enhance global proxy vote transparency and analytics.
The invention couples Broadridge’s private permissioned DLT with cryptographic private keys to improve record keeping, security, accuracy, reconciliation, validation, data integrity, quality assurance, efficiency and speed to repo agreements and proxy processing.
In the proxy context, the 238 patent covers Broadridge’s private permissioned blockchain system and method of implementing various features of Broadridge’s end-to-end proxy solution.
The 238 patent is also directed to implementing Broadridge’s private permissioned blockchain system to administer repo agreements.
Tim Gokey, president and COO at Broadridge, said: “This blockchain patent is a significant milestone in Broadridge’s commitment to drive the innovation roadmap for the financial services industry.”
He added: “Through the invention of technology-based solutions, we aim to increase efficiency in the market and provide real business value for our clients that enables them to get ahead of today’s challenges and to capitalise on tomorrow’s opportunities.”
According to Broadridge, the patent will allow the affirm to innovate and partner with clients and market participants to maximise the benefits of distributed ledger technology (DLT) and to achieve interoperability and standardisation of blockchain platforms.
The 238 patent will also expand Broadridge’s end-to-end proxy solution suite, leveraging the firm’s collaboration with three global banking institutions to employ blockchain technology to enhance global proxy vote transparency and analytics.
The invention couples Broadridge’s private permissioned DLT with cryptographic private keys to improve record keeping, security, accuracy, reconciliation, validation, data integrity, quality assurance, efficiency and speed to repo agreements and proxy processing.
In the proxy context, the 238 patent covers Broadridge’s private permissioned blockchain system and method of implementing various features of Broadridge’s end-to-end proxy solution.
The 238 patent is also directed to implementing Broadridge’s private permissioned blockchain system to administer repo agreements.
Tim Gokey, president and COO at Broadridge, said: “This blockchain patent is a significant milestone in Broadridge’s commitment to drive the innovation roadmap for the financial services industry.”
He added: “Through the invention of technology-based solutions, we aim to increase efficiency in the market and provide real business value for our clients that enables them to get ahead of today’s challenges and to capitalise on tomorrow’s opportunities.”
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