A subsidiary of the retail giant Overstock tZERO has received a patent for a technology that allows settlements on tokenized securities in an open blockchain.
tZERO stated that the Time Ordered Merkle Epoch (TOME) technology can help record trade data, as well as data on intra-network settlements in open blockchain registries.
For example, data on off-network trading and data on settlements within the Ethereum network can be combined and linked to the Bitcoin blockchain for “additional security and transparency”. TOME will also help the platform create a secure and verifiable record of these transactions.
“The technology can be used in our product suite, as well as licensed to companies from various industries that seek to maintain a secure and verifiable data record,” said tZERO CEO Saum Noursalehi.
Earlier this year, tZERO also received a patent for a technology for integrating cryptocurrencies with a traditional trading system