Chain Releases Open Source Blockchain Solution for Banks
Chain, a San Francisco-based Blockchain startup, launched Chain Core Developer Edition, which is a distributed ledger infrastructure built for banks and financial institutions to utilize the Blockchain technology in mainstream finance.
Chain, a San Francisco-based Blockchain startup, launched the Chain Core Developer Edition, which is a distributed ledger infrastructure built for banks and financial institutions to utilize the Blockchain technology in mainstream finance.
Similar to most cryptocurrency networks like Bitcoin, developers and users are allowed to run their applications and platforms on the Chain Core testnet, a test network sustained and supported by leading institutions including Microsoft and the Initiative for Cryptocurrency and Contracts (IC3), which is operated by Cornell University, UC Berkeley and University of Illinois.
Ryan Smith, CTO of Chain stated:
“We are thrilled to give developers everywhere, open access to Chain’s platform. Chain Core Developer Edition provides a seamless end-to-end experience to design, build, and test prototypes on a system we created from the ground, to suit the scalability and security requirements of the financial industry.”
Importance of Testnet Integration
Testnet, or a testing environment, provides developers the ability to test their applications on the Chain Core protocol without leveraging their security measures and user base. More importantly, it allows the Chain development team to observe the performance of applications on its blockchain network.
The presence of a testnet can be beneficial to both the Chain development team and application developers on its network as both parties can prepare for the deployment of actual platforms amidst the discovery of potential vulnerabilities of security breaches.
Such cautious and thorough approach will ultimately transform the Chain blockchain network to a more secure, flexible and applicable protocol for larger financial establishments and banks.
Chain further notes that its Core Developer Edition has been created through a multi-year collaboration between Chain and major financial institutions which means that the Chain Core protocol was tested and utilized by its partner financial companies to ensure its performance and enterprise-grade security.
Microsoft’s Azure Cloud Platform
The testnet for Chain Core Developer Edition is based on the Microsoft Azure Blockchain as a Service platform, which is a cloud platform with effective scaling and functionality.
Developers on the Chain Core protocol will be able to maximize the usability of Microsoft’s Blockchain as a Service platform, increasing the applicability of applications on the Chain network. Due to this flexibility, Chain Core is already being used in a wide range of industries, including banking, insurance and capital markets.
University of Illinois professor and IC3 Associate Director Andrew Miller further emphasized the role of IC3 in the development and creation of the Chain Core network, citing the importance of partnerships with established institutions for enhanced security and protocol design.
“We are delighted to be one of the operators of the Chain test environment,” said Professor Andrew Miller, an Associate Director of IC3 and Assistant Professor at the University of Illinois at Urbana-Champaign. “We have collaborated with Chain on protocol design and encourage their approach in helping developers build secure Blockchain applications.”