World’s Second Largest Stock Exchange Awarded a Blockchain Related Patent
Nasdaq, the second largest stock exchange in the world has recently made an announcement that it has been awarded a very important blockchain related patent. The exchange made this known via a recent press release.
Nasdaq Blockchain Patent
Nasdaq made it known via the report that it initially filed for the patent in January 2017. The awarded patent has been tagged as an:
“ information computer system provided for securely releasing time-sensitive information to recipients via a blockchain.”
With this new patent, Nasdaq is gearing up towards providing a permanent solution to problems associated with the release of accurate information. With the patent, the authenticity of the information can be verified and the speed of transmission is also increased.
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 Processing Other Blockchain Technology Related Patent
Nasdaq has also reported that its users have shown huge interest in cryptocurrency. It is as a result of this massive interest that the stock exchange is considering the addition of cryptocurrency data to its market analytics tool.
Nasdaq has also reported that this is not the only patent it has filed for. In June this year, the exchange tested a blockchain proof-of-concept system for securities collateral. Nasdaq made it known that the patent for this test is still under processing.
