The latest news from OFI Asset Management confirms that the company has completed the first live blockchain transaction using the IZNES platform, using blockchain technology from SETL.
\r\nIn a press release, OFI Asset Management said that it had conducted a number of trials with its clients and that successful transactions were made using the IZNES platform. The trial was supported by additional asset managers such as Arkéa Investment Services and Groupama AM.
\r\nPeter Randall, the SETL Development CEO, said that these trials and successful tests were a crucial step towards introducing blockchain to the asset management industry. It is believed that the technology could help to increase transparency and to lower costs.
\r\nThe IZNES system cuts out the middleman by enabling investors to redeem units through the management firm itself. When the platform is fully functional, it should be able to support the creation, transfer, and redemption of the units.
\r\nCEO of SETL France, Pierre Davoust, has said that the flexibility of the IZNES fund record-keeping platform will allow it to be integrated into the industry, with a minimal level of impact on other internal processes used by companies in the sector.
\r\nThe IZNESsystem is one of many services utilising blockchain technology, with KodakOne, Populous and MetaX platforms all currently under development.
The blockchain industry has grown exponentially, disrupting traditional markets and creating new opportunities for innovation.
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