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Blockchain Startup Chain Launches Balance Management Cloud Service
Blockchain startup Chain is launching a new cloud-based Software as a Service product for managing balances in financial and commerce applications.
Updated Sep 29, 2023, 11:51 a.m. Published Oct 24, 2017, 9:00 a.m.
Blockchain startup Chain is launching a new cloud-based service called Sequence for managing balances in financial and commerce applications.
According to the company blog, the service can be applied in use cases such as digital wallets, lending platforms, marketplaces, exchanges and more, doing away with the need to build a bespoke system in each instance. Instead, the cryptographically secured product is provided as a software-as-a-service (SaaS) offering.
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Anticipating perhaps that providers of financial services may be wary of hosting their data in the cloud, Chain emphasized the security of the product, saying:
"While ledgers are managed as a service, all transactions must be signed by the 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. Sequence cannot access them."
With Sequence ledgers, balances are represented by "token-like objects" called assets, which can be "created, transferred, retired or entered into more complex programs." A single transaction can include a number of actions involving multiple assets and accounts, Chain explained.
Currently available for free as a public developer preview, Sequence is expected to move to a general launch in Q1 2018, when a production enclave service based on Intel SGX will also be added.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Chain.
Fiber optics image via Shutterstock
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