The U.S. Patent and Trademark Office has awarded exchange operator Nasdaq a patent for a proposed blockchain-based data matching system.
First filed in February, the patent describes a data transfer and logging system, with a blockchain used to track trades and clearing positions. The patent application was originally published in August and names Sweden-based Johan Toll and Fredrik Sjöblom as the inventors.
According to the text of the patent, transactions within the system occur through a two-step process. Each transaction gets logged in two blocks: one that records the transaction as it comes from the source to the intermediary, and a second as it passes through that intermediary to its destination.
The benefit of the system, the patent's authors state, is that blockchain could serve as a way to boost 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," they write.
Nasdaq has filed multiple intellectual property applications relating to blockchain, including a proposed way to back up a blockchain-based exchange system. Indeed, the rate of patent applications related to the tech generally has grown significantly in the past year.
Nasdaq image via Roland Magnusson/Shutterstock