Exchange operator Nasdaq is about to launch a new blockchain-based market for advertising contracts, bringing new opportunities for the fans of this new technology.
The New York Interactive Advertising Exchange, or NYIAX, is being positioned as a transparent means for buyers and sellers to trade digital media, Nasdaq said in an announcement released today.
Though it didn’t get into specifics, Nasdaq indicated that it will utilize proprietary technology, deployed in the cloud, using blockchain as the “core ledger” for transactions in the market. And while no full launch date has been revealed, Nasdaq said that it aims to complete a pilot program by late 2017.
The goal, the company said, is to seek to streamline the $32bn market for media advertising by securitizing advertising contracts.
Richard Bush, Nasdaq’s chief product and technology officer, said in a statement:
“Trading, a vital part of other market sectors, has now come to media. With the ability to trade guaranteed media contracts, advertisers and publishers can now be efficient and rid themselves of unnecessary costs and risks. NYIAX is leveraging our Nasdaq Financial Framework architecture, which draws on cutting-edge technology, including the integration of blockchain technology as our core ledger, as well as cloud-enabled trading and clearing capabilities.”
The launch comes months after Nasdaq began offering blockchain-based services to its exchange clients. It’s also been testing blockchain-based voting in Estonia, the early results of which Nasdaq has said seem promising from an operational standpoint. In 2015, Nasdaq launched Linq, a private market powered by the tech.
The exchange operator is also one of a number of firms worldwide to seek patents related to blockchain. Last year, Nasdaq filed a patent application for “systems and methods of blockchain transaction recordation” as a means to streamline the post-trade archiving process.
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