A major US stock exchange platform, Nasdaq, recently made an announcement that it has been awarded a blockchain patent. Based on the released report, the patent was said to be awarded to the Stock exchange on Tuesday, October 23.
Nasdaq Blockchain Patent
Nasdaq which is also the second largest stock exchange in the world filed for the patent in January of last year. Based on the released report, the patent has been identified as:
“an information computer system provided for securely releasing time-sensitive information to recipients via a blockchain.”
Nasdaq also made it known that the problem associated with the release of accurate information, with the level of urgency required, while still ensuring that the information is secure and legal, will be adequately catered for with the newly acquired patent.
Nasdaq explained how this will work through a statement that:
“A submitter submits a document to the system and a blockchain transaction is generated and submitted to the blockchain based on the document. An editor may edit the document and an approver may approve the document for release to the recipients,”
The patent document further stated that:
“Each modification and/or approval of the document is recorded as a separate transaction on the blockchain where each of the submitter, editor, approver, and recipients interact with the blockchain with corresponding unique digital identifiers — such as private keys.”
Nasdaq Getting Involved with Blockchain Technology
Recently, it was also reported that the stock exchange is considering the addition of cryptocurrency data to its market analytics tool. The reason for this was based on the fact that the platform users have shown a massive interest in cryptocurrency.
Nasdaq itself has shown so much interest in cryptocurrency and blockchain in recent time. In the second quarter of the year 2018, it was reported that Nasdaq tested a blockchain proof-of-concept system for securities collateral. A report has also shown that the exchange has filed for other patents linked to the test and blockchain technology in general.