Nasdaq Partners Microsoft To Blockchain Services To Wall Street
Blockchain technology has found its way into Wall Street further affirming its credentials. Software giant Microsoft has inked a strategic partnership with Nasdaq Inc. for the use of the technology in the markets.
Microsoft-Nasdaq Blockchain Deal
Under the terms of the agreement, Microsoft is to integrate its Azure Blockchain technology into Nasdaq’s Financial Framework (NFF). By doing so, Nasdaq hopes to come up with a ledger agonistic blockchain that can support multi ledger strategy. The plan also seeks to give rise to systems that can help bridge the gap between differing technologies.
Integration of Azure into NFF should simplify the process of matching buyers and sellers in the market. The technology should also enhance the management of payments as well as the delivery and settlement of transactions.
The integration should also give rise to software for Nasdaq trading infrastructure that will facilitate operations outsourcing. The ultimate goal is to make it easy for NFF customers to use blockchains of their choice on one common platform.
Azure blockchain should also deliver secure interoperation and communication between NFF core infrastructure and other customer technologies. The two firms also plan to simplify some of the existing complexities that have stifled blockchain adoption and integration.
“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,” said Tom Fay Nasdaq’s Senior Vice President of Enterprise Architecture.
The new capabilities should make it easy for capital market organizations to incorporate blockchain technologies without the need for specific skills. Concerns over the kind of skills required have continued to stifle blockchain technology adoption.
Blockchain Technology Growth
Blockchain technology is increasingly finding its way into the mainstream sector. Firms and companies are increasingly exploring ways to take advantage of the technology’s security features when it comes to powering applications as well as the level of transparency it guarantees.
Nasdaq, for instance, has already received a patent that details a new blockchain powered computer system. The system if implemented will enable the sending and receiving of time-sensitive information on a blockchain system.
Companies of Nasdaq and Microsoft status leveraging Blockchain technology is a big endorsement. However, It is still unclear whether such endorsements will also have a positive impact on cryptocurrencies as they are also applications of the emerging technology.