Nasdaq OMX Adopts Blockchain for Private Markets
Distributed ledger technology to be used pre-IPO.
The firm is tapping the Open Assets Protocol Colored Coin initiative to create blockchain-enabled digital ledger technology at its Nasdaq Private Market, which is used by private companies for pre-IPO trading.
Blockchain is well-known as the underlying settlement technology for Bitcoin and other digital currencies, the capital markets implications of which Waters explored in this month's issue.
The technology is slated to be introduced later this year, with Nasdaq OMX arguing that the blockchain will provide integrity, audit capability, governance and transfer of ownership capabilities.
The experiment is just the first use of the blockchain for Nasdaq OMX in what will be an "enterprise-wide" embrace of the distributed ledger that will be led by Fredrik Voss, the company's Blockchain Technology Evangelist.
"Utilizing the blockchain is a natural digital evolution for managing physical securities," Bob Greifeld, CEO, Nasdaq, said in a statement. "Once you cut the apron strings of need for the physical, the opportunities we can envision blockchain providing stand to benefit not only our clients, but the broader global capital markets.
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