Blockchain infrastructure provider Chain announced Monday the public release of Chain Open Standard 1 (Chain OS 1), an open-source blockchain protocol built over the past 18 months under a partnership between the San-Francisco firm and international financial services companies.
Chain said in a press release that its Open Standard is already driving several blockchain initiatives at prominent financial institutions, which spurred the requirements for the standard through strong partnerships with the blockchain firm as far back as 2014. The Chain OS 1 is now being opened up to the broader financial community for the first time.
According to the press release, collaborating financial institutions include Capital One, Citigroup, Fidelity, First Data, Fiserv, MUFG, Nasdaq, State Street and Visa.
Chain said its standard was purpose-built to allow high-scale financial applications to operate on permissioned blockchain networks while meeting the stringent regulatory, security and privacy rules of the financial services sector.
The company said in the press release the