The word “blockchain” is probably the hottest tech trend to surface since “A.I”. But why? Blockchains, which are the underlying technology in many cryptocurrencies, create a platform that is basically fraud-proof and instant.
The origination of blockchain technology came from the world’s largest cryptocurrency: Bitcoin. While many may be skeptical of Bitcoin itself (even though that has taken a turn for the better over the years) it is widely agreed today that blockchain technology is here to stay. From companies like IBM and Microsoft to social media giants Meta (formerly Facebook) and Twitter, everyone is embracing blockchain technology into their platforms.
Square, a leading payment processing company led by Jack Dorsey and the company behind the famous Cash App, recently had its name changed to “Block” signifying how important blockchain technology seems to be in publicly traded and private companies.
Are these companies using public Blockchains like Ethereum or Bitcoin? Chain Chief Executive Officer Deepak Thapliyal has the take on what these companies are doing.
“You have major financial players and technology companies creating their own native Blockchains, in a private environment, or enabling tools for developers to build their own custom network. These private blockchains are designed in what’s called a “permissioned” environment, or think of it as a closed-ended blockchain unlike open-ended like Ethereum. The reason for this is simple. It could either be for compliance or regulatory reasons or because they need to monitor and implement specific applications and rules to fit their business criteria,” said Deepak Thapliyal.
He further explained that the company he is leading the charge for, Chain, builds the exact product designed for financial institutions and the private sector. Founded in 2014, Chain is a blockchain company that builds secure cryptographic ledgers designed for a client to deploy a custom blockchain in minutes with their own designs.
“Chain has created a very special product designed to fit the needs of institutions. Sequence is a ledger as a service product that enables a client, through our user-friendly dashboard, to deploy a custom blockchain and design specific-oriented technical logic to it to fit any requirement they need. It avoids the need of a third party and public party, while not compromising the benefits that a blockchain offers.”
When asked who the biggest beneficiaries could be to use Chains blockchain product, he responded with “Banks.”
Chain previously worked with banks to launch a private settlement network between Citibank and Nasdaq for instant settlement on a pilot program. “Chain helped build an on-demand settlement pilot for Citibank and Nasdaq as well as Visa to show how effective blockchain could be for their business. All banks should add blockchain to their programs and deprecate their old systems” said Deepak Thapliyal when asked who have they helped bring blockchain technology to and what should they do to use it.
Deepak’s goal is to bring his product Sequence by Chain to the hands of many banks and institutions with the hopes of encouraging them to pilot the program to see the cost efficiency and effectiveness it has against their own antiquated systems. Notably, companies are actively hiring blockchain engineers for publicly traded companies and banks. Major brokerages like Fidelity have launched their own digital asset departments and institutions like JP Morgan have built private blockchain projects internally as well.
Written in partnership with Ascend
