American multinational technology company Microsoft has entered into a partnership with Nasdaq Inc. on blockchain technology.
As per the press release issued on October 30, Microsoft will integrate its Azure Blockchain technology into the Nasdaq Financial Framework (NFF) to build a ledger agnostic blockchain capability supported by a multi-ledger strategy. The new product will efface few of the complexities of integrating blockchain technology into existing infrastructures by providing ‘secure, frictionless and instantaneous matching of buyers and sellers,’ easy and smooth transaction procedures, and effective management of delivery.
Integration of the Azure blockchain technology will, therefore, not only promote blockchain development among NFF customers but will also help them deploy various blockchains through one common interface.
Applauding the collaboration with Microsoft, Tom Fay, Senior Vice President of Enterprise Architecture at Nasdaq, said,
“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. Delegating to Microsoft – as a best of breed enterprise-quality partner and leader in the blockchain space – to handle all of the semantics of ledger communication, security, deployment and orchestration, allows us to focus on customer challenges and solutions at scale, rather than expending resources on building components that fall outside our core business.”
Meanwhile, Microsoft also expressed its contentment over the partnership. It stated,
“We are honored to partner with Nasdaq to evolve their innovative market-enabling technology. As the leading enterprise platform company, we are fundamentally committed to the success of our customers. We are excited to work with Nasdaq to apply cloud and blockchain technologies to industry problems that they deeply understand and enable their continued success.”
Nasdaq has been seen showing quite a bit of interest in blockchain technology and its related processes. Back in June, Nasdaq had tested a blockchain proof-of-concept system for securities collateral. The exchange had also filed for other patents linked to the technology.
Earlier this month, Nasdaq had revealed a new blockchain patent for the development of systems to secure and disseminate time-sensitive information using a blockchain. The patent document elaborated on the process:
— A submitter initiates a document to the system.
— A blockchain transaction is generated and submitted to the blockchain based on the document.
— An editor may edit the document, and an approver may approve the document for release to the recipients.
“Each modification and/or approval of the document is recorded as a separate transaction on the blockchain where each of the submitter, editor, approver, and recipients interact with the blockchain with corresponding unique digital identifiers–such as private keys,” it added.