Nasdaq Wins Patent for Newswire Service Built on a Blockchain

Nasdaq has won a patent outlining how using a blockchain for information distribution could improve upon existing services.

AccessTimeIconOct 24, 2018 at 11:30 a.m. UTC
Updated Sep 13, 2021 at 8:31 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Nasdaq has won a patent outlining how blockchain could be used to release information as part of a wire service.

The patent, released Tuesday by the U.S. Patent and Trademark Office, specifically explains how a blockchain could be used to securely release time-sensitive information when necessary. As the document explains, wire, newswire, news release or other digital distribution services currently share information at pre-set embargo times to the intended outlets.

While existing platforms can already distribute information at specific times and to only the appropriate recipients, the patent notes that these systems may leave audit trail gaps – and some platforms may not be audit-friendly at all.

As such, "new and improved techniques and systems for delivering and securing such time-sensitive information are continually sought after," the document explains.

To solve this, Nasdaq's patent describes a blockchain platform that can utilize smart contracts to both incorporate a number of encryption and workflow features, while maintaining a log that becomes more difficult to change over time.

It explains that the computer system and blockchain are programmed to allow sharing of information directly to selected recipients at a pre-set time by using smart contracts that have been added to the blockchain.

"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 patent adds.

"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," it continues.

Nasdaq image via Goran Vrhovac/Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.