Ryan Smith, CTO of Chain

Ryan Smith, CTO of Chain

US-based blockchain specialist Chain Inc has released its Chain Core Developer Edition, a free and open source version of its distributed ledger platform.

Users have the option to run their prototypes on a test network, or “testnet”, operated by Chain, Microsoft, and the Initiative for Cryptocurrencies and Contracts (IC3), a collaboration of Cornell University, Cornell Tech, UC Berkeley, University of Illinois at Urbana-Champaign and the Technion.

Ryan Smith, CTO of Chain, says the system was “created from the ground up to suit the scalability and security requirements of the financial industry”.

The platform is a result of a “multi-year effort” between Chain and financial firms to build blockchain architecture that “maps to the use cases of the financial industry.” Chain says it is already being used to launch products by firms in payments, banking and capital markets.

The edition comes with a Java SDK, code samples and getting started guides, as well as installers and a dashboard interface for Windows, Mac and Linux. In addition, Chain has published the complete technical specification of the Chain Protocol (formerly known as the Chain Open Standard) as well as a summary whitepaper. It says the Chain Protocol is the underlying cryptographic protocol, authored and maintained by Chain, that defines the data model, validation rules, and consensus mechanism implemented in Chain Core.

This launch follows quickly on the heels of Chain and Visa unveiling Visa B2B Connect, a new blockchain-based platform. At present, the solution is in preview mode. It will be piloted in 2017.

Another blockchain specialist, R3, has just unveiled its plans to provide its Corda distributed ledger platform on an open source basis, as it hopes to make it an industry standard.

Comments
  • jay 24 October, 2016 at 1545

    No one will ever use this nonsense

  • Alex Kontegna 24 October, 2016 at 2351

    Thousands of people hired by bank consortiums worldwide have been working for over two years on this matter. The entire “private blockchain” industry might just be variation of the old open source stuff — at least based on what has been released publicly — not to mention the proposed solutions are years away. “Blockchain technology” is the incumbent finance industry’s “boy who cried wolf”. It has long been promised but never delivered to a single company in a satisfying way due to a lack of practical applications despite many raw and hypothetical projects.

    On the other hand, here’s what can be immediately gained by teaming-up with an existing Bitcoin and Ethereum based platform:

    (1) National currencies via decentralized e-wallets requiring no maintenance. Self-sufficient (but still integrated) payment systems with no dependence on global networks such as VISA!

    (2) A new business leadership role providing merchants with great savings. The complete cycle of services — from money emission to merchant-consumer communication — gives you a great amount of flexibility in tuning up your business model. Merchants are the ones who currently pay unfairly high fees for payment services. The payments industry in almost all countries does not have any clear pricing structure: fees are hidden, merchants are not fully free to choose payments vendors based on normal price/quality reasoning. Change that overnight and become a local hero!

    (3) Similarly, you can create competitive advantage in the eyes of consumers by offering a new breed of cash that has all great properties of paper cash but is more secure and convenient. Many people are already quite sick of “cashless society” efforts since it usually means allegiance to this or that new-fangled app. Blockchain is a clean and effective answer to these concerns.

    (4) Low cost instant blockchain remittance and cross-border P2P payments. Low cost settlements within a minute. For restricted or closed-loop markets, blockchain creates a new money transfer business niche. A robust settlement process and ability to optimize workarounds for cross-border limitations will let you cut a good chunk of competitors’ business!

    (5) Your savings are going to be great. There are 10 to 20 times more people who suffer credit card breaches than those involved in car accidents. Of course, most of the losses are insured and some cardholders may not even notice the problem but at the end of the day, the costs are all yours. Nothing like this ever happens on the decentralized, secure blockchain.

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