Broadridge gets proxy voting blockchain patent

Long Island-based fintech giant Broadridge Financial Solutions said the US Patent and Trademark Office granted it a patent “directed to blockchain technology that will enhance the processes for proxy voting and repurchase, or repo, agreements.”

Broadridge’s infrastructure underpins proxy voting services for more than 50% of public companies and mutual funds globally, and processes more than $5 trillion in fixed income and equity trades per day.

Broadridge employs 10,000 people in 16 countries.

“This blockchain patent is a significant milestone in Broadridge’s commitment to drive the innovation roadmap for the financial services industry,” said Broadridge chief operating officer Tim Gokey.

“Through the invention of technology-based solutions, we aim to increase efficiency in the market and provide real business value for our clients that enables them to get ahead of today’s challenges and to capitalize on tomorrow’s opportunities.”

Broadridge added: “The invention couples Broadridge’s private permissioned distributed ledger technology with cryptographic private keys to improve record keeping, security, accuracy, reconciliation, validation, data integrity, quality assurance, efficiency and speed to repo agreements and proxy processing.

“In the proxy context, the ‘238 Patent covers Broadridge’s private permissioned blockchain system and method of implementing various features of Broadridge’s end-to-end proxy solution that enhance the proxy voting experience for key stakeholders.

“The ‘238 Patent is also directed to implementing Broadridge’s private permissioned blockchain system to administer repo agreements.”