BNY is expanding its Digital Asset Platform with the launch of Digital Asset Data Insights, a service that delivers both on- and off-chain data across blockchain networks. The bank reveals in a press release that the launch is a part of its strategy to “serve an expanded, fundamental role in the lifecycle of tokenised assets”.
With on-chain capability, BNY can now broadcast select fund accounting data to the Ethereum network, expanding the utility of public blockchains. Smart contract technology will enable the automation of data consumption.
BlackRock will be the first client to leverage the new product with the broadcasting of the fund accounting data of the BlackRock USD Institutional Digital Liquidity Fund (BUIDL). BNY is the fund’s current administrator and custodian.
Caroline Butler, global head of Digital Assets at BNY says, “Accessing transparent data is critical to our clients’ success in today’s market.” She states the new service enables “servicing the end-to-end asset lifecycle via distributed ledger technology, while maintaining data integrity from a trusted source”.
