Nasdaq, the $10 trillion dollar stock exchange, has patented a blockchain newswire service. Filed in January 2017, the patent is titled “Systems and methods for securing and disseminating time-sensitive information using a blockchain.” The patent was released to the public earlier this week.
Nasdaq Works with Blockchain Technology
Nasdaq, one of the largest stock exchanges in the market is working with distributed ledger technology (DLT). The new patent aims at releasing time-sensitive information In general, this is a system that could be used by news agencies.
The system would allow writers to submit documents to the blockchain. After it, an editor can modify the document and approve or deny it. In order to perform these functions, each of the parties involved has its own unique private keys. This would allow them to identify themselves.
A part of the abstract of the patent uploaded by the USPTO reads as follows:
“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.”
According to the abstract, each modification to the document is registered as a separate transaction. The inventors of this patent were Akbar Ansari, Thomas Fay, and Dominick Paniscotti.
Once the submitting and editing process is complete, the document can be released. Using a smart contract it is possible to schedule it at the time desired by the editor. This is very important since it will represent an improved version of some of the most popular web software. For example, WordPress sometimes misses the schedule of some articles. Indeed, this can damage businesses.
The blockchain newswire technology developed by Nasdaq will solve these issues. Furthermore, the patent explains that it is also possible to release information to a selected group of people that hold specific cryptographic keys. These individuals will be able to see the document.
If a company needs to send a very important document to investors or other agencies, it can do it in this way. This would increase the security of some companies since hackers would not be able to have access to these documents.
Nasdaq informed at the beginning of the year that it would certainly consider becoming a crypto exchange over time. During a conversation with CNBC’s Squawk Box, Nasdaq CEO, Adena Friedman, said that Nasdaq could become a crypto exchange.
Carlos is an international relations’ analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.
