Nasdaq Secures New Patent for Blockchain Newswire

Nasdaq blockchain patent newswire digital data distribution

Stock exchange company Nasdaq has been granted a patent for a new system that demonstrates how blockchain technology could be used in publishing news as a wire service, in the latest example of a major company exploring applications for blockchain.

Released by the U.S. Patent and Trademark Office this week, the documentation spells out how blockchain tech could be used to release information on a time-sensitive basis, as well as ensuring secure delivery across a distributed network.

This effectively recreates the current practice among newswires and other digital data distribution services, where releases are embargoed to control the date and time of publication. However, with infrastructure powered by a blockchain, this process becomes administratively easier, as well as more effective.

The documentation acknowledges that there are existing systems that control the timing of releases or regulate the identities of those able to access news, but that these systems often leave audit trail gaps, or are otherwise incapable of recording data in an audit-friendly way.

With this information written and recorded immutably in a digital ledger, the Nasdaq blockchain model would resolve these issues, while providing a host of other benefits to news and media distributors.

The patent document explains that “new and improved techniques and systems for delivering and securing such time-sensitive information are continually sought after,” which the firm hopes to deliver by utilizing smart contracts through their system.

Smart contracts would allow the platform to integrate encryption and other security technologies, as well as ensuring every data transaction is permanently recorded for auditing and monitoring purposes.

“Access to the sensitive information that is stored on the blockchain may include a multi-signature requirement that is part of the embedded scripts that make up a given blockchain transaction.

“The intended recipients of the information may then directly interface with the blockchain at the scheduled time ... to access information that has been securely stored.”

The patent is the latest example of a global finance company developing its own blockchain IP, with an ever-increasing list of use cases already securely patented and protected by blue-chip companies.

With more industries and use cases now finding solutions in blockchain than ever before, this is a trend that looks set to continue.