US stock exchange Nasdaq futures relying on the emerging technology of blockchain. The exchange has recently won a patent in the same domain which will be used for sharing time-sensitive information on a platform based on blockchain technology. It was officially published by the US Patent and Trademark Office on October 23, 2018, and describes how efficiently this technology can be used to store and release secured information to the clients at within the right time frame. Also, it facilitates an immutable record of changes done in that information.
As mentioned in the official report the patent unveils that there are currently conventional systems that are being used to send out information. With the time, there is a need for the modification of wire and news distribution services to meet the requirements of the end user which are individuals and companies in this case. There has been an identification of audit trail gaps which means at times it becomes impossible to find out who edited or wrote specific information.
Nasdaq futures on filling in this gap by utilizing executable distributed code contracts also known as smart contracts. This facility will allow an authorized user to edit, submit and approve the precise piece of information. In simple words, all the edits can now be stored in the blockchain network for later references as mentioned by ETHNews.
Blockchain Patent Abstract
It explains that a blockchain based system is provided for releasing time-sensitive information securely to the specific end user. The process begins with submitter giving in a document to the system. All the modifications are recorded as a separate transaction on the blockchain. The end users from both the sides can interact within the network corresponding unique digital identifiers. (Via USPTO)
Nasdaq futures not on the blockchain technology which is an underlying platform of cryptocurrency as well. The exchange has already made a trial and test run for a blockchain proof-of-concept system dealing in securities collateral. Perhaps, it can be said that this patent marks a novel step taken by US stock exchange towards the crypto market. (Via Cointelegraph)[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]