BlackRock petitions the SEC to apply blockchain technology to its Treasury Trust Fund

Global asset management giant BlackRock has filed an application with the Securities Exchange Commission (SEC) to create a blockchain-based stock class for the BlackRock BLF Treasury Trust, labelled DLT, short for Distributed Ledger Technology, according to Bloomberg. DLT will seek to utilize blockchain technology to record stock ownership or streamline certain fund operations for money market funds, which invest in high-quality short-term U.S. Treasuries. DLT shares will only be available for purchase through Bank of New York Mellon (BNY), which plans to utilize blockchain technology to maintain a mirror record of stock ownership for its clients.