Capital markets platform, tZERO, announced that it received a patent for its method of recording trading data on public blockchains. tZERO Wins Patent for Recording Trades.
The company announced that it was awarded a patent by the U.S. Patent and Trademark Office for the “Time Ordered Merkle Epoch (TOME) methodology.”
As per the release:
“TOME is a base-layer technology that uses digital signatures to record and verify time-series data such as trades, executions, and settlements. This technology enables low-latency systems to be anchored into immutable public blockchain ledgers. Thus, including traditional matching engines or private blockchain ledgers”.
According to the announcement, the technology will allow tZERO to record trades as hashes anchored on a public blockchain. Also, check and confirm previous trades, and maintain on its platform an immutable record of transactions.
Saum Noursalehi, tZERO’s CEO, said the method “can be used in our suite of products, as well as licensed to companies across various industries. Companies that are seeking to maintain a tamper-proof and auditable record of time-series-based data.”
TOME can be utilized to link the settlement of tokenized blockchain-based securities on a public blockchain with legacy trading systems. Additionally, it can record and anchor the execution venue’s transactional data. The resulting on-chain settlement data into public blockchain ledgers.
“For example, off-chain trade data and on-chain settlement data occurring on an Ethereum mainnet can be combined and anchored into the Bitcoin blockchain for added resiliency, security and transparency”.
tZERO was introduced as an alternative trading system (ATS) in January. Previously, the company won a similar patent outlining how it could merge legacy trading systems with cryptocurrencies and digital asset technology.