Chain, a San Francisco Blockchain Startup that has raised more than $40 million in investments, has recently announced that their blockchain platform and associated client will be made open-source and available on Github, a source code-sharing website, for anyone that would like to download and work on it.
“I don’t want to be a gatekeeper. I want people to go from PowerPoint to pilot. Now most banks will say, ‘Yes we’re doing something’. What are they doing? They have a strategy in a PowerPoint and they’re trying to figure out how to build it.” Adam Ludwin, CEO and founder of Chain
What started as a bitcoin infrastructure to simplify the development process for building on top of the technology in 2014, has grown into a full blown blockchain development and deployment platform, the Chain Protocol. By making the software open-source, Chain is making it available for any development team that wants to start a network or join one, an option that before was only available for teams that had partnerships with one of the firm’s collaborators, Visa, Nasdaq, Fidelity, Capital One, and Citigroup. Furthermore, by releasing the technology in the open, Chain also allows anyone to contribute with tweaks and applications.
“We want to transition the blockchain narrative from the PowerPoint presentation to the prototype,” said Ludwin “Now, any development team working anywhere in the world have access to download and freely install our platform, freely start a network, or connect into a network.”
According to Adam Ludwin, this is an extremely important release for that company, one that can propel blockchain adoption among financial firms to a whole new level, something that public Blcokchain-as-a-Service (BaaS) platforms and other public blockchains themselves are not ready for.
Furthermore, the Chain Protocol was also tested as a display of its efficiency by processing the entire day’s trades for the Nasdaq, signing and getting one validation for each trade. A test that Chain passed with flying colours.
In the future, Chain plans to offer an enterprise version of the software with extended features, that will help the startup monetize its technology.