Leading security token trading platform ‘tZERO‘ has been recently awarded a patent for a process of recording trading data on public blockchains.
The firm has announced that it was awarded a patent by the U.S. Patent and Trademark Office for the Time Ordered Merkle Epoch (TOME) methodology. tZERO is a majority owned subsidiary of Overstock.com, which focuses on the development and commercialization of financial technology based on cryptographically-secured, decentralized ledgers (blockchain technologies).
What is TOME?
With the technology behind this patent, tZERO is able to verify the existence of previous trades and simultaneously produce an auditable and immutable record of those transactions. The TOME system will allow tZERO to record incoming trades quickly and efficiently in a time-series, producing a hash at any time interval, which can be anchored on a public blockchain.
In combination with the patent tZERO was granted in January 2019, TOME can be utilized to link the settlement of tokenized blockchain-based securities on a public blockchain with legacy trading systems. For example: off-chain trade data and on-chain settlement data occurring on an Ethereum mainnet can be combined and anchored into the Bitcoin blockchain for added resiliency, security and transparency.
tZERO CEO Saum Noursalehi said “Today’s announcement showcases our technological leadership in blockchain innovation and underscores the strength of tZERO’s intellectual property and its growing portfolio of strategic assets. This technology 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.”