Broadridge Financial Solutions, Inc. (NYSE: BR) announced the release of its latest version of the Private Market Hub platform on Tuesday, which is based on Amazon Managed Blockchain from Amazon Web Services (AWS).

The company highlighted that it is the first blockchain-based platform in the private equity market.

“We are leveraging blockchain technology to drive further innovation, removing industry friction in workflows and delivering real savings in terms of cost and time, by offering seamless connectivity to critical applications and solutions that industry participants rely on,” Eric Bernstein, Broadridge’s President of Asset Management Solutions, said.

Blockchain Will Make the Processes Efficient

Managing private investments is a manual and time-intensive process. It involves managing investor communications and other documents, which are complicated processes.

According to Broadridge, the implementation of distributed ledger technology (DLT) will address the shortcomings of the existing platform. Further, it will reduce friction for fund managers, investors and administrators, and it will allow easier auditability.

In addition, it has added connectivity to existing industry tools and technologies, thus helping in the automation of workflows between front-, middle- and back-office functions.

“The trends around digitization and data and analytics are only growing, and digital assets mark the start of an exciting new era for the private markets industry and fund managers and investors alike, accentuating the need to access best-in-class products to address the evolving landscape,” Bernstein added.

Saman Michael Far, VP of Financial Services Technology at Amazon Web Services, said: “Private Market Hub’s use of Amazon Managed Blockchain, a fully managed blockchain service, allows us to help Broadridge scale efficiently and more effectively serve its customers.”

Last month, Broadridge completed the acquisition of trading and connectivity technology provider, Itiviti, paying around $2.5 billion.