Nasdaq secured a patent on Tuesday that will allow them to use a blockchain-based wire service to release time-sensitive information. The patent was granted by the US Patent and Trademark Office (USPTO) this week. The confirmed document from USPTO described the patent as “a computer system for securely releasing time-sensitive information".
Nasdaq has acquired the patent that will allow them to create a blockchain platform that can use smart contracts that will not only include encryption, but also a workflow system that will maintain a schedule and record activity while securing information.
At this moment in time, wires, newswires, press releases, and other forms of digital distribution services deliver their information at pre-set times to outlets. These web interfaces are basically used for storing and receiving data. As technology is evolving, so is the increasing number of ways this service can improve and it appears blockchain technology might hold promise.
Blockchain-Based Newswire Service
A blockchain-based system like the acquired Nasdaq patent outlines, will speed up the process of a newswire service while also making it much cheaper to run as no data will be lost. A new blockchain platform could allow easy sharing of the information while also sending to select recipients at a pre-set time.
The patent went on to outline the use of the blockchain-based system:
"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 (e.g., sometimes referred to as smart contracts) that have been added to the blockchain."
The security features would ensure that the scripts and programs would need multiple of signatures just to trigger the smart contracts to gain access to the information. Once the recipient has triggered the access, they will be able to interface with the blockchain at the scheduled time to receive the securely stored information.
It would seem that the new blockchain-based newswire patent from Nasdaq will speed up the process of sending and receiving time-sensitive information while ensuring security is paramount.