The NASDAQ stock exchange is the latest to jump on the blockchain bandwagon as its popularity and use increases with new applications being announced daily. The stock exchange aims to use blockchain technology to verify the owner of sites and to keep these records. Moreover, the stock exchange plans to use the blockchain as it ensures that there is no modification of the data.
As blockchain technology is secure and the data encrypted, there can be no change in the ownership status of any digital asset. Each of the nodes in the blockchain would be used by the stock exchange to store the data of the digital asset owner. This way, there would be proper efficiency and security while storing the ownership data.
This marks a shift from the previous attitude of the NASDAQ stock exchange. In the past, the stock exchange has pointed out the shortcomings of the blockchain technology. Due to this very reason, the stock exchange was not ready to implement the system. But with the increasing popularity of the technology, it has becomes easier for the stock exchange to accept it.
With such mainstream financial institutions using the blockchain technology, the credibility of the technology increases significantly. It is just a matter of time before the other financial institutions including stock exchange as well as banks all over the world start using the blockchain to store the data in order to ensure that it is safe. With more and more versatile applications opening up, it is just a matter of time before the mainstream media also recognizes the importance of blockchain technology. Many companies and the corporate world are already incorporating the blockchain technology to come up with innovative and practical solutions.
So, with the first step being taken by NASDAQ stock exchange, it remains to be seen whether the implementation of the digital data set ownership is successful on the blockchain platform. One thing is for sure that the security of the data would never be compromised on the blockchain platform. This is one of the main reasons why stock exchanges, as well as other institutions, are incorporating the use of blockchain. Also, as the technology is more widely accepted, more and more versatile applications would open up utilizing the blockchain.