Blockchain startup Chain revealed а cloud-based ledger service for managing balances, named Sequence.
Chain Inc. was founded in 2014 by three founders and counted 15 employees. Chain platform was created to enable banks, financial institutions in order to issue, store, and transfer digital assets on private networks based on the bitcoin blockchain and protocol.
Blockchain startup raised $30 million in September 2015. Among investors were financial giants as Visa, Nasdaq, Citi Ventures, CapitalOne, Fiserv and French telecom Orange.
According to Chain’s blog, new ledger service can be used in a wide range of activities such as mobile wallets, P2P lenders, cryptocurrency exchanges, fundraising platforms, sharing economy apps, robo-advisors, prepaid phones, capitalization tables, video games, and betting sites.
The main advantage of Sequence is possibility of “modern software teams focus on shipping and scaling their product instead of building and maintaining ledger infrastructure.” It is achieved by “combining the convenience of SaaS with the security of cryptographic transaction signing”.
Sequence works as a cryptographically secured cloud service where any transaction is signed by relevant keys. “These keys are held in secure enclaves and controlled by the users, services, or organizations that have authority over particular assets, accounts, and functionality”.
At the present time, Sequence operates as a public developer preview and can be used for free. Chain plans to introduce fee-paying production enclave service in Q1 2018.
It should be added that Chain aimed to work with banks and the leading financial institutions from the beginning of its operation.
In June 2015, Nasdaq announced partnership with Chain in order to launch a blockchain-based program that would be used in Nasdaq Private Market. The main goal of this blockchain platform was to facilitate shares issue and transfer process.
In the end of 2015, Chain stopped free Bitcoin API service. According to Adam Ludwin, Chain co-founder and CEO, it was a company strategy in order to become a digital asset issuance partner for international financial institutions such as First Data, Nasdaq and Visa.
Moreover, in March 2017, the blockchain company revealed partnership with Thales, France-based cybersecurity company, in order to enable secure application of the distributed ledger technology. “Blockchain is a game-changer in the financial services industry, with the potential to enhance security, speed and operational efficiency.
Our integration with Chain provides a strong root of trust and ensures the integrity of the underlying blockchain operations, allowing organizations to build, deploy and operate blockchain-based transaction networks with confidence,” Chief Technology Officer at Thales e-security Jon Geater said.