The Nasdaq Composite has recently filed an application with the patent office for a computer system able to release time-sensitive information to investors securely using Blockchain technology.
The goal, according to the filing, is to provide a computer system that, through a multi-signature system, would rapidly disseminate information to specific persons without the normal risk of security and the lack of audit trail that exists with legacy computers.
Uniquely Blockchain
Blockchain uniquely fits the need for the Nasdaq, as it allows for dissemination to individuals, but keeps an audit trail of who has accessed the information. Because of the risk of insider trading, and leaked information to non-secure individuals, the Nasdaq is hoping to use Blockchain technology to close the gaps. Per the filing:
Access to the sensitive information stored on the Blockchain may include a multi-signature requirement that is part of the embedded scripts that make up a given Blockchain transaction.
Applications galore
It should come as no surprise to enthusiasts that Blockchain technology is being used in this way, as there have been a large number of other financial institutions that have announced new Blockchain technology applications recently.