Vanguard is planning to use blockchain technology to automatically update mutual funds indexing such data as the names and share prices of companies. The US-registered investment advisor, which has nearly $5tn under management, has successfully tested the distributed ledger technology to carry out processes normally overseen by people. Cryptocurrency enthusiasts have hoped big institutional investors could start offering mainstream products based on blockchain, which would spur its popularity. “Blockchain will be a key component in our future business model,” said David Lee, founder and CEO of Vanguard.
Vanguard is planning to use blockchain technology to automatically update mutual funds indexing such data as the names and share prices of companies. The US-registered investment advisor, which has nearly $5tn under management, has successfully tested the distributed ledger technology to carry out processes normally overseen by people. “Blockchain will be a key component in our future business model,” said David Lee, founder and CEO of Vanguard.