NASDAQ quietly patents the paperwork system based on blockchain

NASDAQ, one of the biggest American exchanges, aims to patent the information distribution system largely resembling Bitcoin blockchain. The message about this has appeared on the official website of United States Patent and Trademark Office (USPTO) on 3 August 2017. The original patent application was sent in January 2017.

The document describes the details of how the system based on the DLT facilitates information delivery and uses time stamps – this all resembling the technology the world has already seen applied to Bitcoin.

The application also provides description on how citizens will be able to send their time-stamped important documents to the state institution they choose and of the following review process together with 3rd parties involvement. Every document update will be stored in the distributed ledger and instantly reviewed to prevent paperwork discrepancies and ensure full transparency of deals and operations. The system will, of course, also be cryptographically protected, every user will have his own public ID and unique private key.

This is not the first time we see NASDAQ inventing or patenting something connected with blockchain. In October 2016, the same company applied for a patent of reserve copy technology – it will potentially allow to back up all stock exchange deals data. This technology will prove extremely useful measure for dealing with emergency situations.