Nasdaq patent data storage system based on the blockchain

Large exchange operator Nasdaq has filed a patent on their storage system based on the blockchain technology. The system uses a distribution registry to record the owner of the asset and e-wallets in order to be able to access their data.

In the patent application of the exchange operator described how the blockchain can be used to record information about ownership of a particular asset, and as the owner can then access it using the digital wallet.

"Information on the ownership of certain assets (for example, shares in the company) will be stored in the blockchain, and operations on these data are carried out using information on the property".

On the basis of an application, the system will use a cryptographic hash of the blockchain as an effective data protection on the ownership of assets. According to the official press release from Nasdaq, the ability of the blockchain to maintain the anonymity or confidentiality of data of its users is one of the positive features of technology. With each node of the system will contain a copy of the information from blockchain.

Despite its patent application, the company argued that technology still need to continue to work:

"Technology is a distributed registry, the blockchain shows great potential. Despite this need to continue to work on improving the efficiency and performance of this technology."

It should be noted that earlier the head of the clearing Department of the Nasdaq Gustaf von Boisman said that this technology is impossible to integrate into existing systems. He argued that there are problems that prevent the implementation of technologies based on the blockchain in other financial systems.
created by:Maxim Centurion | 18 Nov 2017 10:11