Nasdaq utilizes blockchain technology to record assets data

Nasdaq Blokchain

Nasdaq, a stock market operator, filed a patent application with the US Patent and Trademark Office (USPTO), describing the distributed ledger technology utilization to track assets ownership rights. It is stated on the official government agency’s website.

“Data on the asset ownership rights will be recorded using a blockchain, and all the other data connected with it will be processed based on this information,” the document runs.

The authors consider block hashing to be an efficient way to protect assets ownership data from intruders. Moreover, they have highly assessed the data privacy on public blockchains.

“The distributed ledger technology has huge potential but needs further improvement,” the application authors believe.

Formerly, the USPTO approved the Nasdaq patent for information collating system – trading and clearing positions. Furthermore, Nasdaq along with the investment marketplace Reality Shares launch the blockchain companies development index to track the new sector development.

However, Gustaf von Boisman, a head of Business Development & Relations at Nasdaq Clearing, noted that the company has no intensions to immediately introduce the distributed ledger technology into its existing systems.