Nasdaq announced NYIAX (New York Interactive Advertising Exchange), which is the world’s first guaranteed advertising contract exchange, that will be deployed in the cloud and run on blockchain technology.

The new exchange will operate on Nasdaq’s world-renowned technology and will leverage the Nasdaq Financial Framework architecture.

“NYIAX is a trading platform that brings Wall Street to Madison Avenue through a Nasdaq-powered, seamless global exchange that allows publishers and advertisers to buy, sell and re-trade premium advertising inventory as guaranteed contracts,” Lou Severine, CEO of NYIAX, stated.

NYIAX offers media buyers a transparent and trusted market in order to secure and re-trade premium future advertising inventory. NYIAX will also benefit publishers by providing help to increase their revenue by growing sell-through retaining higher CPMs and reducing fees. When it comes to advertisers, the exchange will offer a new way of discovering and purchasing inventory.

The pilot program will use blockchain technology and is expected to complete in late 2017. Once its completion, NYIAX will incorporate trading use cases, benefits, and details into the training it rolls out to ensure all clients have the tools and tips needed for proficient platform use.

The exchange’s leadership team comprises of Carolina Abenante, Co-founder, President and Vice Chairperson of NYIAX; Graham Mosley, Co-founder, and Chief Strategy Officer; Mark Grinbaum, Co-founder, and EVP of Products and Platform; Lou Severine, Chief Executive Officer of NYIAX; and other experts in the field. It is also supported by a prominent group of financial services, technology, and media veterans.

“As a global leader for exchange technology, we can adapt our platform to accommodate a wide variety of market rules, asset classes, and new technology innovations. 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,” Lars Ottersgård, Executive Vice President and Head of Market Technology at Nasdaq, said.