NASDAQ Goes for the Blockchain with Chain

Nasdaq has partnered with crypto startup Chain to develop its project envisioning the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term for streamlining the transfer of securities on its Private Market.

Nasdaq unveiled the initiative last month, becoming one of the most prominent financial players to dabble in blockchain technology thus far. It seeks to revolutionize the issuance and transfer of shares of pre-IPO companies, currently a manual process that involves lawyers maintaining spreadsheets by hand.

Chain helps developers build apps by providing streamlined access to Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term’s blockchain via its Chain Nodes and API. The startup has secured $13.7 million in funding to date. In partnering with the world's second largest stock exchange by market capitalization, it becomes one of most influential players in the crypto industry, and underscores the seriousness of the blockchain technology phenomenon.

Said Bob Greifeld, CEO of Nasdaq:

"We are excited about the potential impact of this new endeavor with Chain on the transaction process. This Nasdaq Private Market project aims to simplify the overwhelming challenges private companies face with manual ledger record-keeping. As blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole, Nasdaq aims to be at the center of this watershed development."

The project leverages the Open Assets Protocol, a colored coin innovation for building property transfer capabilities over the blockchain.

Anticipated benefits include faster settlement times, greater data integrity capabilities, transfers that are more secure, reduced counterparty risk and the decentralization of trust from a middleman.

Nasdaq is the creator of the world's first entirely electronic stock market in 1971. Its pioneering into the blockchain space is the next manifestation of what can be described as a disruptive vision. Chain CEO Adam Ludwin commented, "Nasdaq's technology and thought leadership in creating new, dynamic markets will carry over into the blockchain space in truly disruptive ways."

The partnership with a crypto startup is also the first to be disclosed among large financial players with blockchain technology plans. It remains to be seen if others attempt to do it on their own, or will seek top-notch talent from the crypto industry, which is in tight supply.

The project's implementation on the Private Market is expected later this year.