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#Chain reveals #OpenStandard for #blockchain

Chain reveals Open Standard for blockchain

#Blockchain infrastructure provider #Chain announced Monday the public release of Chain Open Standard 1 (Chain OS 1), an open-source #blockchainprotocol built over the past 18 months under a partnership between the San-Francisco firm and international financial services companies.

Chain said in a press release that its Open Standard is already driving several blockchain initiatives at prominent financial institutions, which spurred the requirements for the standard through strong partnerships with the blockchain firm as far back as 2014. The Chain OS 1 is now being opened up to the broader financial community for the first time.

According to the press release, collaborating financial institutions include #CapitalOne , #Citigroup , #Fidelity , #FirstData , #Fiserv , #MUFG , #Nasdaq , #StateStreet and #Visa .....

.....A blockchain is a new class of database that can span multiple organizations. A blockchain-based network enables participating institutions to securely issue, transact and store #financialassets in a digital medium, which reduces costs and enables new product opportunities for network operators and participants.....

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