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.

AccessTimeIconOct 24, 2017 at 9:00 a.m. UTC
Updated Sep 29, 2023 at 11:51 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

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

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.