NASDAQ to use Azure blockchain technology for its financial platform
Two giants are teaming up to take on the world. Microsoft and NASDAQ have announced a partnership that will see the stock exchange incorporate the software company’s Azure blockchain platform into the NASDAQ Financial Framework (NFF), a system that provides software for trading operations and infrastructure.
The partnership will lead to the development of "ledger agnostic blockchain capability," which would allow for interoperability between different ledgers. The goal is to create a platform that creates a vehicle that makes transaction matching, delivery management and payment settlements easier.
According to NASDAQ’s VP of Enterprise Architecture, Tom Fay, employing Azure will help the company remove certain complexities that are obstacles to blockchain integration. He further stated, “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.”
Earlier this month, NASDAQ was awarded a patent for “an information computer system […] provided for securely releasing time-sensitive information to recipients via a blockchain." That patent is designed to facilitate the distribution of timely market data to the media without running afoul of legal restrictions.
A partnership between a large tech company and a large financial stock exchange could be invaluable to the cryptocurrency industry. It has the potential to continue to raise awareness of the potential of the blockchain and cryptocurrency industry and may very well help to further merge finance and blockchain into one single industry. It isn’t a process that can happen immediately, but every step forward is a step in the right direction.