Broadridge Financial Solutions announced it was granted a US patent directed to blockchain technology that will enhance the processes for proxy voting and repurchase agreements. The firm partners with clients and market participants to maximize the benefits of distributed ledger technology and to achieve interoperability and standardization of blockchain platforms, and has completed a blockchain-based bilateral repo pilot with two global investment banks.
The invention couples Broadridge’s private permissioned distributed ledger technology 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 patent covers Broadridge’s private permissioned blockchain system and method of implementing various features of Broadridge’s end-to-end proxy solution that enhance the proxy voting experience for key stakeholders. The patent is also directed to implementing Broadridge’s private permissioned blockchain system to administer repo agreements.