Calastone announced on Monday that it has completely migrated its services to the blockchain.
The financial services giant, which operates fund transaction networks, said that the technology underpinning its core service offering has been moved to a blockchain network, which it is calling Distributed Market Infrastructure (DMI).
That being the case, it likely means that Calastone is operating one of the largest institutional-only blockchain networks in the world.
Currently, the firm has close to 2,000 clients operating in 41 different countries.
The move to the blockchain comes less than two years after Calastone completed its first test use of the technology to see what benefit – if any – it could accrue by using it.
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A whole lot of money to be saved
Having completed that test, the firm estimated that, by adopting blockchain, the mutual funds industry could save around $3.4 billion a year.
If those estimations were accurate, then Calastone can expect to start saving money soon.
With its blockchain system now live, the firm says that its clients will be able to trade, settle and service funds in real time.
Any transactions made will also be more clearly visible as they are registered on the company’s blockchain.
“The launch of DMI is a significant achievement, evolving Calastone’s proposition in line with the needs of tomorrow – both for fund managers and the new generation of Asian investors,” said Leo Chen, managing director and head of Asia.
“I am pleased to now welcome our network of clients onto an infrastructure that is best equipped to meet their needs now, and for the long term.