Nasdaq, the second largest stock-exchange in the world are looking into the possibility of using blockchain technology for storing asset ownership information. A recent patent filing released by the U.S. Patent and Trademark Office (USPTO) outlines how the company will use a distributed ledger to increase the efficiency of their exchange in two ways:
- Using a distributed ledger to store records of ownership for assets
- Digital wallets so that users can view and exchange the assets within their cryptographic wallets.
This can be seen in the abstract of the patent:
An example server computer system is configured to: record on a blockchain ownership information of an asset; to configure, for each owner of the asset, a digital wallet associated with a private cryptographic key and at least one blockchain address; using a blockchain address from a digital wallet to access ownership information in the blockchain; perform application processing using the accessed ownership information; and record in the blockchain, updated ownership information or other information associated with the ownership information in accordance with the performed application processing.
Nasdaq are among a number of large organizations to file for blockchain patents in recent times, including Goldman Sachs and Bank of America. This further demonstrates the potential of blockchain technology especially in the finance industry. We could be seeing mass adoption of blockchain technology.
The application does go on to explain that “distributed ledger technologies such as blockchain show great potential, further improvements in the performance, efficiency, and capabilities of such technologies are needed.”
Nasdaq do seem to have a particular interest in blockchain technology, releasing a few articles in their news section about the benefits of blockchain technology. It is becoming seemingly obvious that most companies will adopt blockchain-based solutions in the near future. The companies that are getting involved at this early stage are going to be the pioneers of this shift towards distributed ledger technologies.