Addressing “audit trail gaps” in the sharing of time-sensitive information is on a top priority the new platform focuses on.
October- 25, 2018 | AtoZ Markets
The US Patent and Trademark Office has issued the US stock exchange Nasdaq a patent as a blockchain platform for sharing time-sensitive information.
The patent, which was published on October 23, outlines using the blockchain technology for storing and releasing embargoed information to the right people securely at the right time, besides providing users with an unchangeable record of modifications made to that information before its release.
As per the document, there are legacy systems in place that for spreading information efficiently.
As per the news, Nasdaq will allow authorised users to “submit, edit, or approve” certain information at certain times, using “executable distributed code contracts”.
The Platform’s Mechanism
Edits can be stored to the blockchain once a document submitted to the blockchain, according to the patent.
“Additional transactions that are generated based on the edits may effectively provide a proof of custody or audit trail for the document. After completion of the editing process (or if no editing is needed), the document may be finalised and then approved for release by one or more designated approvers. The approvers may cryptographically ‘approve’ the document for release by providing their cryptographic signature to a blockchain transaction.”, as the patent read.
Nasdaq reportedly started to consider blockchain technology in the past, and announced a partnership with blockchain-based trading platform New York Interactive Advertising Exchange (NYIAX) last March, for forming a single platform that allows publishers and advertisers to buy, sell, and trade future advertising inventory.
The exchange followed the step a month later with creating Nasdaq Ventures, an investment arm that seeks out opportunities and partnerships in FinTech, including any related to blockchain technology.