- Nasdaq hopes to accelerate its blockchain capabilities to meet massive industry demands
- The team says blockchain technology integration will allow various technologies to work together in a secure and scalable way
- Senior Vice President of Enterprise Architecture at Nasdaq, Tom Fay says DLT has the potential to instantly match buyers and sellers securely
Nasdaq, the second largest stock market in the world by market capitalization, is partnering with Microsoft Azure, the cloud computing and blockchain service of Microsoft, to integrate distributed ledger technology (DLT) into its processes, to help it manage complex transactions more efficiently, according to a press release on October 30, 2018.
Nasdaq Integrates Blockchain Technology For Better Efficiency and Productivity
The Nasdaq Stock Market, the second largest stock exchange in the world with a $10 trillion market cap, has allied with Microsoft Azure, in a bid to revolutionize its operations via the groundbreaking blockchain technology.
As stated in its press release, Nasdaq is integrating its existing Nasdaq Financial Framework (NFF) with Microsoft Azure Blockchain to develop what it calls “a ledger agnostic” blockchain system with support for multi-ledger strategy.
Per Nasdaq, NFF was created earlier in 2016 to take advantage of the excellent potentials of emerging technologies to better serve customers.
Now, with the Nasdaq-Microsoft alliance, there will be frictionless interoperation between NFF and Azure’s blockchain network.
And the latter says transactions and contracts on the Nasdaq stock exchange will be executed using innovative blockchain microservices suite.
This way, various technologies employed by Nasdaq and Azure will be able to work together in a secure and scalable way while ultimately enabling the exchange to meet customer requirements across a vast array of projects seamlessly.
Nasdaq hopes the blockchain system will take care of the delivery, payment, and processing of transactions on different DLT networks with varying methods of payment.
“With multiple blockchains in use by various industry participants, we believe that the combination of NFF and Microsoft’s blockchain technology can eliminate complexities that exist in this ecosystem,” said Senior Vice President of Enterprise at Nasdaq.
The official also noted that as more institutions keep adopting the structures and technology of the capital market, blockchain technology has the potential to become the system of choice for “secure, frictionless and instantaneous matching of buyers and sellers.”
Distributed ledger technology has proven several times that it indeed has the potential to help businesses from all over the world do more with less.
As reported by Blockchain Reporter September 2, 2018, China’s largest insurance firm partnered with VeChain to integrate DLT in the insurance sector.
