Microsoft Will Help NASDAQ Launch Blockchain-Powered Network

On Tuesday, Microsoft announced it partnered with NASDAQ to provide a blockchain-based platform for the exchange.

How Blockchain Can Improve NASDAQ Services

The NASDAQ’s goal is to connect traders, brokers, exchanges, and clearing houses across the globe through one ecosystem.

Microsoft will help them bridge different types of transactions and services via “ledger agnostic blockchain”.  In other words, they’ll allow the NASDAQ’s Financial Framework (NFF) to use more than one blockchain.  In general, this has been a popular development recently to address scalability issues.

NASDAQ wants to make the exchange faster, safer, and easier

They want very much to adopt blockchain, but don’t want to scare people away.  For this reason, they assure that the system will be very user-friendly.

The team also promises tighter security.  They haven’t yet gone into detail.  Azure GM Mathhew Kerner simply mentions “a layer of abstraction,” which is already clear to those familiar with blockchain.  But clearly, both the exchange and Microsoft have decades of experience with cyber security.  Gemini and a few other exchanges are even licensed to use the exchange’s security system.

They also aim to speed up transactions and collect data for the “full trade lifecycle.”   The latter can provide better transparency for customers.

There’s no doubt NASDAQ and Microsoft see Blockchain Potential

In a press release Tuesday, Senior VP of NASDAQ’s Market Technology division Magnus Haglind stated:

“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”

NASDAQ CEO Adena Friedman has already gone on the record to state that she’d consider a crypto exchange in the future.

Like the leaders of other big financial firms, she’s only waiting for fuller regulation.  In the meantime, the enthusiasm of NASDAQ and Microsoft will continue to add much needed legitimacy.  They may well expose many of their customers and 3,500+ companies to blockchain.  And likely, their efforts and experience could help contribute to the security itself.

 

 

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