Nasdaq Wins Blockchain Patent for Information Distribution System

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Nasdaq, the world’s second-largest stock exchange by Market Cap., unveiled a new blockchain patent awarded on 23rd October, in an attempt to tackle the release of information for the media industry.

The application, originally filed in January of last year, refers to “an information computer system given for securely releasing time-sensitive data to recipients via a blockchain.”

Nasdaq says, is the often complicated process of releasing appropriate information to the media while keeping it safe and watertight from a legal standpoint.

Blockchain tech, or particularly smart contracts, could be utilized to automate and assure the security of the information release process.

“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 describes in an outline of the innovation, continuing:

“Each change and/or approval of the document is recorded as a separate transaction on the blockchain where each of the submitter, editor, approver, and recipients communicate with the blockchain with identical unique digital identifiers like a private key.”

The patent marks Nasdaq’s interaction with blockchain and digital currency. In June, the exchange trialed a blockchain proof-of-concept system for securities collateral and had further filled for other patents connected to the technology.

In the meantime, Nasdaq executive stated they were looking at adding digital currency data to its market analytics tool after users showed what it described “abundant” interest.