Vanguard is using blockchain to support some of its largest index funds, likely becoming the 1st major financial institution to use blockchain for a core service
list. But Vanguard’s project is live as the back-end platform powering millions of customer accounts. It’s likely the first major financial institution using blockchain for a core service.
The data source Vanguard uses for its mutual fund indexes isn’t changing. What’s new is its process for pulling in the data. Since 2012, Vanguard has used the Center for Research in Security Prices , a research center at the University of Chicago, to support many of its indexes. CRSP indexes are baskets of securities that aim to mirror the value of a given market. Its research dictates what stocks should be included in a given index and what their concentration should be.
With Symbiont’s blockchain platform, Assembly, Vanguard has “a synchronized database that is constantly updated every time CRSP makes a change to the index,” Pennington says. “No more manual updates or manual pulling of data. No more manual reconciliations.” For now, Vanguard, Symbiont and CRSP are the only organizations with access to the index data blockchain. But Ron Papanek, a managing director at Symbiont, says half a dozen other asset managers have run test versions of the software and are considering participating.
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