Nasdaq Wants to Patent Using Blockchain for Financial Markets

in #cryptocurrancy8 years ago (edited)

American OTC market, Nasdaq, that specializes on high-tech companies’ shares, applied for a patent on a method, which would allow to safely and reliably save records about the conducted transactions on the exchange platforms in blockchain. 

Blockchain to Protect Market Data

In October, 6 in the open database of the American patent exchange US Patent and Trademark Office the announcement appeared about the applying for a patent on a decentralized application called “Systems and methods of transaction accounting by means of blockchain”. The initial patent application was submitted in March, 31, now the method is improved. 

The authors of the application are Tom Fay – the Nasdaq Senior Vice President of Enterprise Architecture and Dominick Paniscotti, associate vice president for enterprise architecture. 

Application Details

The annotation to the application explains the following:

The computer system assures the connection with the distributed calculation network, built on the basis of blockchain technology, which consists of several nodes. The application saves the order book and the wallet addresses, which are connected with different clients. Computer system receives new data about transactions, which are added to the order book. 

Next, the coincidence is identified with the data transactions and hash requests that are connected with digital wallets, after that these requests are generated. Contractor receives a hash from another side, including the information about appropriateness, after that both sides initiate adding a transaction to the blockchain. 

Nasdaq Appetite Grows

However, it seems that Nasdaq wants to receive a patent not only for the above mentioned application, but also for the technology of using blockchain for any activity on stock exchanges. When examining a patent application closely, one can notice that Nasdaq has tried first to patent several more technological claims, but then these applications were cancelled. 

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