NASDAQ Stock Market is trying to get a patent for the system of distributing time sensitive information securely via the Blockchain Technology. The patent application of U.S. Patent and Trademark Office (USPTO) was released on 3rd August after being submitted for consideration in late January this year. The patent application named as “Systems and Methods for Securing and Disseminating Time Sensitive Information Using a Blockchain” involves a detailed picture of the mechanism behind the running of data system on a distributed platform and the transmission of the same in a timestamped manner which is very much alike Bitcoin transactions running on the Blockchain platform.
By making use of this system, time sensitive documents can be submitted by the user which after being evaluated by the authority who in turn make necessary edits is shared with a third party for final approval. A Distributed ledger system will be put to use for recording and updating all the modifications affected with the goal of doing away with data alteration and boosting up overall transparency. Cryptography will be incorporated in the system by providing each participant with a corresponding private key and a public identifier.
This patent stands as a glaring example of the big efforts made by NASDAQ to integrate the world of Cryptocurrency and Blockchain into its sovereign functioning. Another patent application of NASDAQ was published by USPTO last October throwing light on their plans of creating Blockchain backups meant especially for the exchanges. Such backups shall keep an auxiliary record of transactions if any emergency crops up.
Blockchain Technology in Stock Markets
This is not the first time that any stock market player has showed any interest in Blokchain Technology. In past, KryptoMoney.com had published some articles mentioning the rise of Blockchain Technology in Stock Markets.
The Central Bank of Republic of Belarus had announced on 19th July 2017 of implementing the Blockchain Technology into the country’s securities market. The National bank is of the opinion that the Blockchain Technology holds tremendous potential of heralding a massive development in Belarus Stock Market by ushering in transparency and improvised conditions in over the counter dealings.
Hong Kong is set to launch Blockchain powered Stock Exchange in 2018. The Hong Kong Stock Exchange (HKEX) is in planning to launch a blockchain technology based private market with an aim of helping small size companies obtain financing.
The Securities and Exchange Board of India, SEBI also revealed it’s plan to study Blockchain Technology. A committee has been set up which will study the technology.
KryptoMoney.com publishes latest news and updates about Blockchain Technology and Cryptocurrencies. Subscribe to our newsletters to stay updated.