Luxembourg-based blockchain company Scorechain has announced Fundchain initiative, which is a constitution of 10 key innovative group of the Luxembourg fund industry in order to explore the impact of distributed ledger technology on asset management industry.

According to the official report, the ten key players representing major financial institutions include BIL, BNP Paribas, CACEIS, European Fund Administration, HSBC, ING Luxembourg, Société Générale Bank, PwC Luxembourg, among others. The Fundchain initiative began in summer and explores how blockchain might help the fund industry to improve its efficiency and create new business opportunities.

“As any Blockchain initiative the network effect is the main key to success. We aim to move beyond slideware and begin developing prototypes to test their integration within existing infrastructures. We have already identified several use cases in the fund distribution and asset servicing industry that could be interesting topics,” Pierre Gérard, CEO of Scorechain said.

There have been many projects like Fundchain across the globe to evaluate the potential blockchain impact on different sectors. Fundchain has been a major innovation and will be looking to announce its key findings in the research over the coming weeks.

“Our participation in Fundchain allows HSBC to provide genuine thought leadership into developing solutions for clients by embracing new technology which in turn can be used to mitigate risk and improve efficiency.  Working collaboratively allows us to jointly define solutions that are built by the industry for the industry,” Nick Maton, Head of HSBC Securities Services in Luxembourg said.

Scorechain provides business intelligence and big data for blockchain technologies as bitcoin. Scorechain aims to address compliance, regulation and management issues in the bitcoin ecosystem by running thorough analysis and of the blockchain. The company also develops Yallet a Bitcoin wallet available on the App Store the Google Play Store.