Nasdaq Wins Patent for Blockchain-Based Newswire Service

Nasdaq Wins Patent for Blockchain-Based Newswire Service

The United States Patent and Hallmark Workplace (USPTO) has actually approved Nasdaq a patent for a blockchain-powered newswire service.

The platform intends to utilize wise agreements to integrate file encryption and workflow functions in addition to keeping a log that ends up being harder to alter in time.

Nasdaq Gets Patent for Blockchain Newswire to Fix Spaces in Audit Path Spaces and Mistakes

The patent, submitted on January 27, 2017, is authored by Akbar Ansari, director of innovation and chief architecture of worldwide software application advancement at NASDAQ. Senior vice president of business architecture Thomas Fay and vice president Dominick Paniscotti likewise submitted the patent.

The document acknowledges that newswire services have actually attended to requirements of individuals and companies, consisting of file encryption functions, advanced gain access to control performance, and workflow performance, however these functions can result in investigate path spaces (or no audit path at all), and the increased intricacy can result in mistakes.

” Hence, brand-new and better methods and systems for providing and protecting such time-sensitive info are continuously searched for,” the file checks out.

The patent explains, as an example, a computer system that allows users to safely tape-record time-sensitive info (e.g., statements, news release, regulative filings, and so on) together with associated meta-data utilizing blockchain innovation.

” The computer system and blockchain are set to enable dissemination of the info straight to picked celebrations at a set arranged time by utilizing programs or scripts […] that have actually been contributed to the blockchain according to specific example personifications. Access to the delicate info that is saved on the blockchain might consist of a multi-signature requirement that belongs to the ingrained scripts that comprise a provided blockchain deal.”

In the example above, the designated receivers of the info are then able to straight user interface with the blockchain at the scheduled time […] to gain access to info that has actually been safely saved thereon, the file states.

Apart from constructing blockchain services, Nasdaq has actually been active in buying crypto-friendly organisations, consisting of the $190 million acquisition of exchange and real-time cleaning innovation company Cinnober. The Stockholm-based company provides “high efficiency trading and post-trade service” for cryptocurrency exchanges.

The Nasdaq stock market is likewise aiming to include cryptocurrency tracking tools in its Analytics Center in order to offer financiers and traders with pertinent info for their financial investment choices. The service utilizes artificial intelligence and language processing to search social networks and other sources of info. The cryptocurrency function is presently in the beta screening stage, according to sources at Nasdaq.

 Included image from Shutterstock.