Nasdaq Gets Patent for Blockchain Newswire to Solve Gaps and Errors in Audit Trail
Updated: Oct 31, 2018
The United States Patent and Trademark Office (USPTO) has granted Nasdaq a patent for a blockchain-powered newswire service.
The platform aims to use smart contracts to incorporate encryption and workflow features as well as maintaining a log that becomes more difficult to change over time.
The patent, filed on January 27, 2017, is authored by Akbar Ansari, director of technology and chief architecture of global software development at NASDAQ. Senior vice president of enterprise architecture Thomas Fay and vice president Dominick Paniscotti also filed the patent.
The document recognizes that newswire services have addressed needs of the people and organizations, including encryption features, advanced access control functionality, and workflow functionality, but these features can lead to audit trail gaps (or no audit trail at all), and the increased complexity can lead to errors.
The patent describes, as an example, a computer system that enables users to securely record time-sensitive information (e.g., announcements, press releases, regulatory filings, and the like) along with associated meta-data using blockchain technology.
“The computer system and blockchain are programmed to allow dissemination of the information directly to selected parties at a set scheduled time by using programs or scripts […] that have been added to the blockchain according to certain example embodiments. 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.”
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