Nasdaq To Work On Microsoft Blockchain
Microsoft, the leading software developer, is preparing to introduce its Azure blockchain technology into the services of Nasdaq, an American stock exchange. Innovation can facilitate search for sellers and buyers for the deals, improve payments and speed up the transactions, as noted in the press release.
Nasdaq, the second largest stock exchange in the world by capitalization, operates on its own Nasdaq Financial Framework (NFF), which provides the infrastructure for trading and operations outsourcing. Companies are hoping to create an agnostic blockchain solution compatible with multiple ledgers.
The Azure cloud service will provide interoperation between the Nasdaq’s network, its middleware and clients of the exchange. The new system seems to be safe and scalable and adapt to the traders’ requirements in various projects.
Nasdaq will reportedly use several blockchains with different payment mechanisms for multiple purposes — delivery management, settlements and transactions. Contracts between traders will be concluded on blockchain too.
The joint development of Nasdaq and Microsoft will allow the exchange’s client organizations to use blockchain applications based on the NFF system, not requiring additional knowledge and skills. This will reportedly accelerate the technology adoption in the field of stock exchange trading.
At the same time, blockchain is used more and more in the US public sector. Recently, US customs has tested blockchain and is looking to apply it to manage supply chains.