Vanguard, the world’s second-largest index fund manager, has announced the successful completion of the first phase of its blockchain pilot trialing the digitization of asset-backed securities (ABS).
The pilot has seen Vanguard partner with a large U.S.-based ABS provider, distributed ledger technology provider Symbiont, and financial institutions BNY Mellon (NYSE:BK) and Citi, to model the full life cycle of securities settlement using a distributed ledger technology network.