Blockchain technology company Coinprism has released Openchain, an open source, distributed permissioned ledger that targets enterprise and financial institutions.
Unlike bitcoin, which is based on a unique distributed ledger, Openchain will enable users to deploy their own version of the chain, allowing them to potentially cut costs and reduce settlement time.
Speaking about Openchain's launch, Flavien Charlon, founder and CEO of Coinprism, explained:
Openchain vs bitcoin
The main difference between Openchain and bitcoin's blockchain, Charlon said, resides in the type of assets that his product is designed to handle.
According to Charlon – previously a software development engineer at Microsoft – bitcoin "is a very special asset ... built for censorship resistance".
Similarly to bitcoin's blockchain, Charlon claimed Openchain is both fully transparent and auditable.
"Anyone can connect to a validating node, and receive a real-time copy of the transactions being validated," said the founder, adding: "Openchain is also secured by digital signatures, which make it impossible to counterfeit a transaction."
One notable difference with bitcoin, Charlon said, is the way in which Openchain deals with transactions to avoid confirmation delays:
"Openchain gets rid of blocks, and chains transactions directly to each other, which means you can get instant transaction confirmation."
ItBit also revealed details about its top-secret Bankchain project, a private consensus-based ledger system which also targets financial organisations.
Speaking about its competitors, Charlon said:
Although he declined to divulge specifics, Charlon said a few companies had already experimented with a private beta of Openchain.
"The feedback we have received so far is very positive. Unfortunately, I can't share the names of the companies at this time," he concluded.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.