Nasdaq has scored a patent for a blockchain based news service today, according to the info of the USPTO (US Patents and Trading Office). The application describes the use of decentralized blockchain systems to carry the functions of a newswire operation. Nasdaq shows his interest of leveraging blockchain tech for traditional services that could be better managed with decentralized ledger tech.
Newswire Services And Its Utility
News services have become ubiquitous in this ever-connected world, and this has been possible thanks to the creation of newswire services, platforms that allow an uninterrupted, continuous flow of news. This simple but useful invention has contributed to the workflow of many enterprises giving access to different teams to the corresponding information and the time of the news.
But these systems, as efficient as they are, can have errors and lost the integrity of data, that in critical applications is of utmost importance. Also, in money applications like exchanges and such, a failure in a centralized newswire can cause the total loss of data.
This could cause a disaster because these services need to be audited from time to time, to check for irregularities and manipulations, and without data, this would be impossible. So a simple failure of a software service could lead to a regulation compliance fault.
Nasdaq Has Scored A Patent For A Blockchain Based News Service
That is why Nasdaq has introduced a patent for a blockchain based newswire service that seeks to simplify all these advanced newswire features and put the data on a blockchain for it to always be available, with a record of modifications and access from all users.
The application explains the patent as it follows:
An information computer system is provided for securely releasing time-sensitive information to recipients via a blockchain. A submitter submits a document to the system and a blockchain transaction is generated and submitted to the blockchain based on the document (e.g., the document is included as part of the blockchain transaction). An editor may edit the document and an approver may approve the document for release to the recipients.
Nasdaq has been very open to the idea of blockchain and cryptocurrency technology, and her president Adena Friedman has expressed that she has no problem fro NASDAQ to become a cryptocurrency exchange once that regulations for this new kind of assets are well clarified. They also have aided in the legitimization of cryptocurrencies as a valid market.
Nasdaq has also partnered with Gemini, the cryptocurrency exchange owned by the Winklevoss twins, to share an anti-manipulation system that will help them detect fraudulent or anomalous order patterns in the trade movement. The fact that Nasdaq has scored a patent for a blockchain based news service makes us expect more and more patents based on blockchain to secure centralized platforms like this one.