Nasdaq (NASDAQ:NDAQ) announced that it is using blockchain technology to run a new exchange to trade guaranteed advertising contracts.
As quoted in the press release:
The New York Interactive Advertising Exchange (NYIAX), which is set to launch in the fourth quarter of 2017, will provide an electronic marketplace for publishers, advertisers and media buyers to buy and sell future advertising inventory, global exchange operator Nasdaq and NYIAX said on Tuesday.
Participants on the exchange will forward-like contracts, or agreements to buy and sell an asset at a specified price and a set future date. The goal is to offer a more efficient and transparent way for players in the advertising market to sell and buy inventory, NYIAX executives said in an interview.
NYIAX’s platform was built using Nasdaq’s exchange technology, which incorporates blockchain as its core ledger for transactions.
Blockchain, which first emerged as the system underpinning cryptocurrency bitcoin, is a distributed record of asset ownership that is maintained by a network of computers, rather than a centralized authority. Any change to the ledger must be approved by all participants on the network, making it tamper-proof with and an ideal tool for auditing.