Blockchain providers are the center of attention these days, and Chain Inc. has released their Chain Open Standard 1. This initiative is an open source blockchain protocol developed by the provider itself, as well as several startups and financial services companies in the world.
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Chain Open Standard 1 Blockchain Protocol
The primary goal of the Chain Open Standard 1 is to allow for high-scale financial applications by using a permissioned blockchain. However, such a solution needs to meet all regulatory requirements, which is why the various partnerships with existing financial players were so invaluable for Chain.
Chain CEO Adam Ludwin explained the project as follows:
Chain’s approach puts our partners’ requirements at the center of an iterative and collaborative RD effort. By partnering deeply on real projects with market leaders across a range of use cases in banking, payments, capital markets and insurance, we have designed a blockchain standard from the ground-up to solve problems in a cohesive way. We are delighted to be opening this multi-year effort to the broader financial community today.
Even though both the Bitcoin and Ethereum blockchains are open source as well, Chain Inc. decided to come up with an alternative for financial entrepreneurs and companies around the world to use. Chain Open Standard 1 has been making headway in the financial sector already.
Strategic Partners Help with Development Regulation
Several financial institutions around the world have been using the Chain Open Standard 1 for quite some time now, as this open source blockchain solution was created in collaboration with global financial services firms. Bringing this project to fruition was a process that began with partnerships dating back to 2014.
Visa Executive VP of Innovation Strategic Partnerships Jim McCarthy stated:
Visa and Chain have been collaborating to explore how a blockchain architecture can operate at Visa’s scale to the benefit of our clients. The Chain Open Standard is the culmination of many months of iteration and problem solving, and we are pleased to be playing an ongoing role in that process.
But this partnership between Chain and global financial players goes much further than just Visa, although they are a significant partner to have on board. Nasdaq participated in the development of Chain Open Standard 1 as well, focusing on proxy voting and clearing, as well as private market securities. The company has confirmed they will continue development and innovation in the blockchain industry for the foreseeable future.
As one would come to expect from a blockchain solution in the financial world, Citi was part of the process as well. The financial giant is exploring the applications for Chain Open Standard 1 in the currencies and payments sectors for now. Moreover, future use cases are being trialed, although no further details have been revealed at the time of writing.
What are your thoughts on Chain Open Standard 1? What can we expect from this project in the future? Let us know in the comments below!
Source: Chain Blog
Images courtesy of Chain, Shutterstock