In a patent awarded by the U.S. Patent and Trademark Office, Overstock’s tZERO security token trading platform outlined a potential technology that leverages digital signatures to record and verify market data such as related trades, executions, and settlements.
Dubbed ‘Time Ordered Merkle Epoch (TOME),’ the new system reportedly aggregates various data on both traditional matching engines, and private blockchain networks, which are then could be anchored into a public blockchain.
The proposed system would collect data from incoming trades, and use this data to establish a hash at any time interval. The patent notes TOME technology would be for enterprise-level users, meaning that crypto exchanges and trading venues can use it to report their trade activity, as well as to regulators for audit purposes.
tZERO further explains that the technology would also help verify the existence of previous trades and produce an auditable record of those transactions.
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The recently awarded patent adds to the list of intellectual properties that the tZERO has been amassing. Earlier this year, the firm won a patent related to the functioning of a “crypto integration platform” for trading digital assets. This patent described a process in which traditional trading systems are able to interface with cryptocurrency exchanges.
tZERO reveals a flurry of new hires
tZERO CEO Saum Noursalehi commented: “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.”
tZERO has recently revealed several appointments to its executive management team, including Brooke Navarro as Head of Issuance, Michael Mougias as Head of Investor Relations and Alexandra Sotiropoulos who is joining as Head of Communications.
tZero expands the headcount as the firm is getting ready to sweeten its soon-to-be-launched broker-dealer arm. tZero’s anticipated retail brokerage services include sales trading, electronic execution, and portfolio execution for buy- and sell-side clients.
tZERO hopes to launch its own retail broker-dealer within the coming months to grab the capacity to serve retail traders instead of only accredited investors.