Nasdaq Awarded Patent For Blockchain-Based Data Matching System
The US Patent and Trademark Office has recently awarded Nasdaq a patent for a groundbreaking new blockchain data matching system.
The patent was first filed in February 2017, and outlines a data transfer and logging system that can be used to track trades and clearing positions on the blockchain. The patent application names Sweden-based Fredrik Sjöblom and Johan Toll as the inventors, and was publicly published in August.
The patent details a two-step transaction process. Within the proposed system, each transaction is logged in two separate blocks. The first block records the transaction as it comes from the source to the intermediary, and the second block records the transaction as it passes through the intermediary to its destination.
The authors of the system state that the benefits it delivers could function as a method of enhancing efficiency in clearing house processes:
“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.”
Nasdaq has recently filed a spate of intellectual property applications directly related to blockchain. The applications include a proposed method of backing up a blockchain-based exchange system. These applications contribute to the many different intellectual property claims based on blockchain technology that have emerged in the last year as the sector experiences rapid growth.