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Chain Launches Open Source Blockchain Protocol

This post has been superseded at finovate.com.

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Blockchain solutions provider Chain launched Chain Open Standard 1 (Chain OS 1), a new open source blockchain protocol. As Adam Ludwin, CEO of Chain states, “We have designed a blockchain standard from the ground-up to solve problems in a cohesive way.”

Chain OS 1 has been powering blockchain projects at several financial institutions prior to today’s public release. The protocol is an 18 month joint effort between the San Francisco-based company and nine financial services companies:

  • Capital OneChainFIImage2
  • Citigroup
  • Fidelity
  • First Data
  • Fiserv
  • Mitsubishi UFJ
  • Nasdaq
  • State Street
  • Visa

Chain OS is specialized for financial services companies, enabling them to securely issue, transact, and store financial assets digitally. It boasts a number of differentiating factors from other blockchains, including:

  • Near-instant transaction consensus
  • Encrypted blockchain data with read access for regulators
  • Smart contract framework that supports simple rule enforcement and Turing complete programs
  • KYC and AML compliant

Chain’s CEO Adam Ludwin and co-founder Devon Gundry presented at FinDEVr Silicon Valley 2015. The company has raised a total of almost $44 million and earlier this month partnered with Japan’s largest financial group, Mitsubishi UFJ.