Overstock's tZERO wins patent to settle tokenized securities on a public blockchain

Layer 1s • August 6, 2019, 10:05AM EDT
The Block

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.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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