NASDAQ, a stock exchange with a USD 10 trillion market cap that has taken a heavy interest in blockchain technology, is patenting a blockchain newswire service. The patent titled ‘Systems and methods for securing and disseminating time sensitive information using a blockchain‘ was first filed in January 2017, but released to the public on 23 October 2018.
The blockchain newswire service’s primary goal is to securely release time-sensitive information, which is a common need for any news agency. The writer submits a document, initiating a transaction which stores the document on the blockchain. An editor can then edit the document, and an approver can approve or deny the document. The submission, editing, and approval of a document are separate blockchain transactions, and all three of these people have their own unique private keys to authenticate who they are.
This blockchain newswire technology ensures that a document is cryptographically and immutably stored, guaranteeing that no hacker can modify or delete the document. Only the editor can modify the document with their private key. This is a major improvement over using non-cryptographically secure writing and editing software such as WordPress. Further, in the worst-case scenario of a news website being hacked, all the articles and documents will be preserved on the blockchain.
After submission, editing, and approval are complete the document can be scheduled to be released at the correct time via a smart contract. WordPress software often has a bug where scheduled news stories miss schedule, which can be bad for business. Theoretically, no documents will miss schedule when using NASDAQ’s blockchain newswire technology.
The blockchain technology described in this patent can also be used to release a document with sensitive information to a selected group of people that hold cryptographic keys to view the document. For example, this blockchain technology can be used to send an internal company memo or to send documents during a business deal. The inherent cryptographic security of the blockchain will prevent the catastrophic scenario of a hacker obtaining, modifying or deleting the sensitive information.
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