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:
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.
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. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.