Chain joins IC3 to solve interoperability and scalability issues

Crazy Review : Blockchain company Chain Inc. has now joined the Initiative for Digital Currency and Contracts (IC3) to promote the development of blockchain technology in the financial services industry. The main focus of the 13 projects studied by IC3 is to solve five "big challenges": expansion and performance, design and structure accuracy, confidentiality, verification of data feeds, and security and compliance. IC3 cooperates with experts, entrepreneurs, regulators, and open source software communities in the financial and banking fields to jointly develop new digital currency and smart contract solutions.

Translation: Nicole

Chain Inc., a blockchain company focused on enterprise software for financial firms, has joined the Initiative for Cryptocurrencies and Contracts (IC3), which aims to advance the development of blockchain technology in the financial services industry while “ensuring that the industry is interoperable and coexists harmoniously.”

Chain CEO and co-founder Adam Ludwin told Bitcoin Magazine that Chain has validated a number of specific projects that it will work on with IC3, which are primarily focused on blockchain scaling, privacy, and interoperability.

Currently, the main focus of the 13 projects IC3 is researching is to solve five "grand challenges": scalability and performance, design and structure accuracy, confidentiality, verification of data feeds and security and compliance.

Ludwin said:

“IC3’s research focuses on a number of very important areas aimed at promoting cryptocurrencies and digital currencies, but we are particularly interested in security and compliance, scalability, and performance.”

Faculty from Cornell University, Cornell Tech, UC Berkeley, and the University of Illinois at Urbana-Champaign launched the IC3 initiative to promote the development of blockchain technology and bring blockchain-based solutions “from blackboards and proof-of-concept mechanisms today to fast, stable implementations and record-keeping financial systems tomorrow.”

IC3 works with experts, entrepreneurs, regulators, and open source software communities in the financial and banking fields to develop new digital currency and smart contract solutions, such as financially enforceable encryption protocols that ensure security through mandatory payments to prevent breach of contract; and high-margin, high-performance systems that are used to store high-value digital currencies and process confidential transactions.

One of IC3's projects, Solidus, aims to allow a trusted alliance of blockchain entities to run private chains. Solidus retains some of the advantages of decentralization while having higher performance and stricter management than current systems (such as Bitcoin).

Another project, called Gyges, is focused on developing solutions to stop “criminal smart contracts” from leaking confidential information, stealing cryptographic keys, and a variety of real-world crimes.

Adam Ludwin

Ludwin said:

“IC3’s validation of the protocol and software gives our partners confidence that mission-critical functions running on blockchain technology meet the highest security standards.”

Ludwin identified the main challenges to blockchain technology’s widespread adoption by the financial services industry as “proven security, privacy, scalability and programmability in a unified protocol.”

Ludwin said:

“We have been working with our industry partners to launch protocols and software that meet the requirements of the financial services industry. The next step for Chain is to put our network into production. Testing and implementing such a system is a well-thought-out exercise.”

As part of the collaboration, Chain will host the next IC3 Retreat, an invitation-only symposium where IC3 and its industry partners discuss current developments in blockchain technology. The event is expected to take place in San Francisco in February 2017.