Microsoft To integrate Azure Blockchain Into Nasdaq Financial Framework
Software Behemoth Microsoft plans to integrate its Azure Blockchain technology into the Financial Framework (NFF) of Nasdaq, the US stock exchange. According to the latest announcement, Microsoft will bind Azure blockchain service and NFF, a technology which offers software for buying and selling infrastructure and operations outsourcing. Additionally, it also caters to Nasdaq’s risk and surveillance technology offering.
Under the partnership, both parties will work together to build a “ledger agnostic blockchain capability” that will permit functioning across numerous ledgers. The latest product will supposedly facilitate simple matching of buyer and seller, delivery management, payment and completion of trades.
Incorporating Azure Blockchain will permit NFF clients to employ different kinds of blockchains via a single interface, along with the promotion of blockchain advancement.
Tom Fay, Senior Vice President of Enterprise Architecture at Nasdaq, is of the opinion that the joint venture with Microsoft erases some of the difficulties of clubbing blockchain technology with prevailing infrastructures. Fayfurther said
“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.”
In the recent past, Nasdaq disclosed a patent related to blockchain. This refers to “an information computer system […] provided for securely releasing time-sensitive information to recipients via a blockchain.” By installing the system explained by the patent, the company is aiming to simplify the release of important information to media on time, while keeping it safe.
It can be remembered that Nasdaq’s Head of Alternative Data Bill Dague last month said that it is looking at the option of adding crypto datasets to its tool for market analytics.
Earlier in August, Azure launched a proof-of-authority (PoA) algorithm on its software based on Ethereum blockchain. A PoA algorithm is primarily based on the theory of approved identities or validators on a blockchain network, and avoids the need for competition in processing the transactions.
The latest Azure product based on Ethereum is loaded with a variety of features to make sure its perfect functioning and safety, such as Parity’s web-assembly support, an identity leasing system, a Governance Decentralized Application (DApp) and Azure Monitor.