The NASDAQ just won a blockchain patent for sharing time-sensitive information.
The US Patent and Trademark Office published the patent on October 23. It outlines the use of blockchain technology to store and release information while also providing an immutable record of changes made to that information before its release.
At Issue — Audit Trail Gaps
Existing platforms can already distribute information at specific times and to specific recipients. However, these systems may leave audit trail gaps, while others aren’t audit-friendly at all. As a result, “new and improved techniques and systems for delivering and securing such time-sensitive information are continually sought after,” says the USPTO filing.
In fact, in an effort to correct the problem, the NASDAQ patent describes a platform that can use smart contracts. Their purpose will be to allow authorized users to “submit, edit, or approve” certain information at certain times. The patent explains that once a user submits a document, the blockchain instantly stores the edits.
NASDAQ’s History with Blockchain
However, this isn’t the first time the exchange has considered blockchain technology.
In 2017, it announced a partnership with the New York Interactive Advertising Exchange to create a platform. The goal was to allow publishers and advertisers to buy, sell and trade with advertising investors.
NASDAQ is No Stranger to Cryptocurrencies
In April 2018, the CEO said the NASDAQ was open to becoming a crypto exchange with trading coins, like Bitcoin. “Certainly NASDAQ would consider becoming a crypto exchange over time. If we do look at it and say ‘it’s time, people are ready for a more regulated market,’ for something that provides a fair experience for investors,” she says.
Such a move will legitimize cryptocurrencies even more. Additionally, it could open the floodgates to money flow into popular coins.
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