Blockchain subsidiary of Overstock.com Inc., tZERO will be verifying time-series data, according to a press release today.
The global leader in blockchain innovation for capital markets, tZERO announced it was granted a patent by the United States Patent and Trademark Office for “Time Ordered Merkle Epoch” (TOME) methodology.
Per the release, TOME uses digital signatures to keep records and verify time-series data, including trades, executions, and settlements.
With the technology, low-latency systems including traditional matching engines or private blockchain ledgers can be easily anchored into immutable public blockchain ledgers.
tZERO per se is automatically set to record incoming trades faster and more efficiently in a time-series, producing a hash at any time interval, which perhaps will be anchored on a public blockchain.
Also, the firm can verify the existence of previous trades and simultaneously produce an immutable and auditable record of those transactions via the technology, TOME. It is considered more beneficial to exchanges and trading venues, as it allows for easy reporting of trade activity, even to the regulators for audit purposes.
Commenting on the development, the CEO at tZERO Saum Noursalehi noted:
This technology, which is synergistic with the patent that we announced earlier this year, has many use-cases in our ecosystem. It can be used in our suite of products, as well as licensed to companies across various industries that are seeking to maintain a tamper-proof and auditable record of time-series-based data.
TOME per the release can as well be used to record and anchor the execution venue’s transactional data and the resulting on-chain settlement data on public blockchain ledgers.
According to Noursalehi, the development today is a step further, which showcases tZERO’s technological leadership in blockchain innovation and “underscores” the strength of the company’s intellectual property and its growing portfolio of strategic assets.
