In an official blog post, software giant Microsoft has announced it will be partnering Nasdaq stock exchange to integrate its Azure blockchain technology into Nasdaq Financial Framework (NFF). The new joint venture will take advantage of Azure blockchain platform, which will allow to easier match buyers with sellers, manage deliveries and settlement of payments and transactions. Reportedly, Azure will allow NFF clients to use a number of blockchains through one interface. No prior blockchain-specific knowledge will be needed for the organizations using NFF, which is critical as the nascent industry is pushing for real-world use cases and broader adoption.
The blockchain-powered tech will make things easier
Tom Fay, Senior Vice President of Enterprise Architecture at Nasdaq welcomed the new venture, claiming that, „With multiple blockchains in use by various industry participants, we believe that the combination of NFF and Microsoft’s blockchain technology can remove some of the project complexities that exist in this realm. Additionally, as more industries move towards capital markets technology and structures, we see the potential for blockchain to provide value in secure, frictionless and instantaneous matching of buyers and sellers.“
He has also added that, “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.“
Nasdaq continues to embrace the distributed ledger
Nasdaq has been at the forefront of implementing blockchain technology to its operations. Earlier this year, the global stock exchange operator announced of trialing a blockchain application which would effectively handle margin calls. Back in April, Adena Friedman, CEO of the company, claimed that the financial services giant would consider opening a crypto exchange, if a clear legal framework would be introduced by the US regulators.
The firm has also pushed for widespread digital currency adoption, reportedly hosting a meeting in Chicago this summer with a number of crypto and traditional finance companies. Reportedly the participants of the gathering discussed “how to encourage the cryptocurrency industry to do thing that will improve its image and validate its potential role in global markets.“
Nasdaq has also been exploring the development of a security token platform and has contacted numerous blockchain companies for advice on the matter. Meanwhile, Microsoft has teamed up with the “Big Four” auditing firm Ernst & Young to use blockchain in managing copyrights and royalties. The upcoming platform will use Azure and the Quorum blockchain protocol.
Image Source: “Flickr”
I have been following the crypto markets since mid 2017, just in time to witness the incredible surge of the digital asset industry. Fascinated by the potential of blockchain technology I’ve started to dig deeper and that’s how I ended up meeting the Toshi Times team. I hold a Political Science degree, therefore the crypto regulation development is particularly interesting for me. I’m also heavily involved with music, running my own label, a YouTube channel and working with distribution. People call blockchain the ‘Fourth Industrial Revolution’ and I believe it will change our daily lives in the coming years and we will have the front row seats to witness it.