Security token trading platform tZERO, a subsidiary of retail giant Overstock, has received a patent for technology that enables settlement of tokenized securities on a public blockchain.
Announcing the news on Tuesday, tZERO said that the technology, Time Ordered Merkle Epoch (TOME), can help record trade data and the resulting on-chain settlement data into public blockchain ledgers.
Giving an example, the firm said, 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.”
TOME will also help the platform produce an auditable and immutable record of those transactions. “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,” said tZERO CEO Saum Noursalehi.
Earlier this year, tZERO also won a patent for a “Crypto Integration Platform” for merging legacy trading systems with cryptocurrencies.