Chain Unveils a New Blockchain Protocol for Faster Financial Transactions
SAN FRANSISCO: Chain, a computer software services and solutions provider, announces the public release of an open source blockchain protocol, Chain Open Standard 1(Chain OS 1) created in collaboration of Chain with various other global financial services firms such as- Capital One, Citigroup, Fidelity, First Data, Fiserv, MUFG, Nasdaq, State Street and Visa.
The Chain Open Standard is a protocol that was designed to enable high-scale financial applications to run on permissioned blockchain networks while meeting the stringent regulatory, security and privacy requirements and standards of the financial services industry.
The Chain Open Standard is a unique consensus model thataccomplishes transaction finality at high speed. It takes less than a second to complete, even at high transaction volumes. The Chain OS1 also acts as a privacy solution that encrypts blockchain data and provides selective read access to relevant counterparties and regulators.
The Chain OS1 is a smart contract framework and virtual machine that supports simple rule enforcement as well as Turing complete programs with key-value storage as well as a scalable data model that reduces operational load for network participants. It is also a rich metadata layer to meet Know Your Customer (KYL) and Anti-Money Laundering (AML) requirements.
"Chain's approach puts our partners' requirements at the center of an iterative and collaborative R&D effort," says Adam Ludwin, CEO of Chain. "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," he added.