NASDAQ Granted Blockchain Data Matching System Patent
First filed in February, Nasdaq’s data matching system patent describes a data transfer and logging system, with a blockchain used to track trades and clearing positions. The original patent application was published in August and named Sweden-based Johan Toll and Fredrik Sjoblom as the inventors.As of October 18th, the U.S. Patent and Trademark Office has awarded Nasdaq with an official patent.According to specific texts, transactions within the system occur through a two-step process. Each transition will be logged in two blocks: the first that records the transaction as it comes from the source to the intermediary, and the second as it passes through that intermediary to its destination.The biggest benefit of the system? Blockchain could now serve as a way to boost efficiency in clearing house processes.The authors wrote: “It would thus be desirable to improve the speed and efficiency by which clearing and settlement, or both clearing and settlement processes may be performed in a computerized environment. Accordingly, it will be appreciated that new and improved techniques, systems, and processes in this area of technology are continually sought after.”Since, Nasdaq has filed multiple intellectual property applications related to blockchain, including a proposed way to backup a blockchain-based exchange system. In fact, the rate of patent applications related to the tech generally has grown significantly in the past year.Featured Image: depositphotos/crstrbrt
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