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Nasdaq's Blockchain-Enabled Technology Successfully Settles Shares Of Chain.Com
Nasdaq announced last week that its Nasdaq Linq blockchain ledger technology has been successfully used to complete and record a private securities transaction. Chain.com, a blockchain developer, documented its issuance of shares to a private investor using the blockchain-enabled technology.
Nasdaq Linq is a digital ledger technology that leverages a blockchain to facilitate the issuance, cataloging and recording of transfers of shares of privately-held companies on The NASDAQ Private Market. Nasdaq announced in October last year that the first participants for its blockchain-enabled technology include: Chain.com, ChangeTip, PeerNova, Synack, Tango and Vera.
The transaction by Chain.com marks significant 'Proof of Concept' and major step forward in use of blockchain technology. Nasdaq enabled Chain.com to digitally represent a record of ownership using Nasdaq Linq. It significantly reduced settlement time and eliminated the need for paper stock certificates. Besides equity management, Nasdaq Linq also provides issuers and investors an ability to complete and execute subscription documents online.
"No doubt this is a powerful milestone for Chain and our partnership with Nasdaq," said Adam Ludwin, CEO, Chain.com. "We couldn't be happier with the results of the transaction. It was seamless and met our objective of drastically reduced manual ownership transfer."
Blockchain has the potential to reduce settlement risk exposure by over 99%, dramatically lowering capital costs and systemic risk. Moreover, it could also enable issuers to significantly lower the risk and the administrative burden of what is largely a manual and multi-step process at present.
"We believe this successful transaction marks a major advance in the global financial sector and represents a seminal moment in the application of blockchain technology," said Bob Greifeld, CEO, Nasdaq. "Through this initial application of blockchain technology, we begin a process that could revolutionize the core of capital markets infrastructure systems. The implications for settlement and outdated administrative functions are profound."