The global exchange operator Nasdaq Inc. is seeking to patent a blockchain-based data matching system.
in February by its market technology division, the application was released by the U.S. Patent and Trademark Office on August 10, with the full submission detailing how the exchange is looking to protect a distributed system that stores and shares transactional data.
Invented by Johan Toll and Fredrik Sjöblom, both of whom work for the post-trade market technology based in Stockholm, Sweden, the patent application details their process for using a blockchain to pair transaction requests, specifically, data of trades and clearing positions, according to a spokesperson from Nasdaq. The data matching would then be timestamped and stored in the ledger, in a similar way that bitcoin transactions are kept on its underlying blockchain.
But while interesting on its own, the filing comes only several days after Nasdaq Inc was revealed to have made a similar filing - only this time the application was submitted by the company's market technology unit, which accounts for 12 percent of its net revenue in the second quarter of 2017.
Stepping back, the filings are also taking place during what has been a boom in blockchain patent applications, with CoinDesk data revealing that the rate of submissions has nearly doubled already in 2017.
Correction: This article has been updated to clarify specifics of the patent and to correct information regarding the entity that filed the application.
Nasdaq image via Shutterstock
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