Fintech startup Chain and Visa partner to launch global payments network

Rage Review : Chain has decided to open source its platform and make the open source version of its Chain Core software available to developers, which will allow more people to add applications or build exclusive networks on its software. Recently, the company has partnered with Visa to create a global payment network, hoping to simplify the commercial payment process between financial institutions and their customers around the world.

Translation: Nicole

Blockchain is a decentralized online ledger that records transactions. Some of the world's largest banks are investing a lot of money in blockchain technology and applications. UBS has opened a blockchain research lab in London and is currently working with Barclays BNP Paribas to study Ethereum, a blockchain-backed virtual machine for users. Citigroup has three labs and has created three blockchains and a currency called Citicoin. Meanwhile, banks such as Santander, the Bank of England and Deutsche Bank have formally expressed interest in using blockchain to simplify banking. In addition, Nasdaq OMX uses blockchain to oversee private stocks for secure trading, and online giant Overstock.com has built a system that allows companies to borrow bonds through blockchain.

Blockchain technology is valuable because it can ensure the security and reliability of currency and asset transactions. Wire transfers can take three to five business days and may come with a series of fines; blockchain can make these processes real-time. Tabb Group's recent research report shows that the implementation of blockchain-driven systems is only a matter of when, not if.

Adam Ludwin

Chain is a blockchain startup and the author of the Chain Protocol, an open source protocol for the Chain Core blockchain platform. The company was founded in 2014 and has strategic partners such as Capital One, Citigroup, Nasdaq, and Visa. In fact, Chain and Visa recently partnered to create a global payment network called Visa B2B Connect. Adam Ludwin, CEO of Chain, said:

“We are very pleased to be partnering with Visa on this milestone. We are honored to support Visa’s work to improve the customer service experience and reshape the future of international commerce through blockchain innovation, which can simplify commercial payments between financial institutions and their customers around the world.”

The company has raised $40 million to date. Chain is a middle channel where companies can manage assets through a control alliance with standards and privacy. Chain Core is a software that can transfer assets on the blockchain. The company has an enterprise version and a developer version, the latter of which is free. Many financial institutions and companies are using Chain and Chain Core to quickly transfer assets, track assets between managers, track assets across departments, provide more advanced mobile banking services, issue central bank currencies through digital methods to improve the country's payment system, create automated insurance contracts, and more. Chain Protocol can be used to:

Financial assets issued

Permissioned Network Access

Handling large volumes of transactions

Confidential transaction data

Network Scalability

Programmable Transactions

Chain's board of directors includes the former CEO of American Express and a founding executive of PayPal. The company is headquartered in San Francisco and has won the "Best Financial Innovation" award for its open source platform. The company works closely with industry partners to understand what is needed to transform financial services. I think Chain is ready and happy to help reform financial services, but are we ready to follow this trend?