Global software giant Microsoft have announced they are teaming up with Nasdaq Inc. to offer blockchain software solutions to traders and exchanges.
Microsoft intends to integrate their Azure Blockchain technology with Nasdaq’s Financial Framework (NFF), which was announced via press release on Tuesday.
Microsoft Integrating Blockchain Technology
The plans to integrate their Azure blockchain with Nasdaq aims to create systems that can bridge the gap in differing technology so Nasdaq’s customers can benefit. They hope to simplify the process of matching together buyers and sellers, while also managing payments, delivery and the settlement of transactions.
The Nasdaq Financial Framework was initially created to handle the newest technologies emerging in the marketplace and to integrate them to streamline the services for their users.
The Senior Vice President and Head of Product Management for Nasdaq’a market tech sector, Magnus Haglind, was quoted in the press release as saying:
“Our [capital markets] industry is evolving faster than ever with the advent and advancement of cloud, blockchain, machine intelligence and others. Key players in the industry are looking to these technologies to explore how they can become more effective and efficient, but also gain competitive advantage.”
A Fledgling Partnership
The integration of Nasdaq’s NFF and Microsoft’s Azure blockchain technology will provide software for Nasdaq’s trading infrastructure and will facilitate operations outsourcing. The goal is that NFF customers will be able to use various blockchains through one common platform.
The fledgling partnership between Microsoft and Nasdaq aims to simplify the complexities of integration between already-existing systems and new blockchain technologies, which could be replicated across the business and crypto worlds.
Nasdaq’s Senior Vice President of Enterprise Architecture, Tom Fay had some interesting words to say on the subject:
“Our NFF integration with their blockchain services provides a layer of abstraction, making our offering ledger-agnostic, secure, highly scalable, and ultimately helps us continue to explore a much broader range of customer use cases for blockchain.”
Nasdaq seems to be keeping a firm footing in the development of blockchain technology and its vast potential.The new partnership comes at a time when Nasdaq had a blockchain patent recently approved in relation to an information computer system that could be used to send and receive time-sensitive information on a blockchain system.