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After Banks, Now Visa Open Sources Its Blockchain Platform

Recently we wrote an article on how Corda, a Blockchain platform developed by banks is now open-source so as to provide firms with an opportunity to innovate and build products on top of it. And now, Visa has decided to open-source its Blockchain Platform.

It has been a few years that financial firms and banks have been tinkering around with the code that gives power to cryptocurrencies such as the Bitcoin, so that they're somehow able to overhaul their slowly decaying infrastructure. They have now decided to stop the tinkering and release their code out in the open.

San Francisco-based Chain has made a decision to make its platform available to the public. The startup has released an open source version of its Chain Core software to developers and anyone else interested. The source code of Chain's proprietary blockchain can be accessed on the startup's webpage on the famous code-sharing website, Github.

By releasing its technology's recipe to the public, the startup is looking to give everyone the power to contribute applications, tweaks, and bespoke networks on top of its software.

With its open source initiative, Chain aims to transition the blockchain narrative from the PowerPoint presentation to the prototype. Any development team anywhere in the world can access, download and freely install the platform, and then freely start a network, or connect into a network.

Prior to this, anyone wanting to use the Chain Core software had to join hands with one of the startup's collaborators, which includes names like Nasdaq, Visa, Fidelity, Citigroup, and Capital One. The startup has been successful in raising more than a whopping $40 million in funding from its investors till date.

The San Francisco-based startup is just one of the companies competing in the competitive race to extend a helping hand to banks to build permissioned blockchain systems, meaning one that needs a clearance from some authority to join, for transferring, tracking assets as part of a distributed ledger. Recently, the startup also announced about its plans to launch a product that will give businesses the luxury to send big sums of money across borders over a blockchain, instantly without any intermediaries.

Chain's decision to release its code out to the public is in alignment to the very spirit of the distributed ledger tech. Its progenitor, Bitcoin, actually began as an open source project back in the year 2009, and was thus successful in attracting the interest of a passionate group of volunteer core developers after its launch.

Chain in in partnership with tech giant Microsoft is also launching a test network, for coders to experiment. Microsoft has agreed to supply the cloud infrastructure for the same with its Azure business. The two companies are also partnering with a consortium of research universities having deep interest in a blockchain technology called IC3, or the Initiative for Cryptocurrencies and Contracts, which includes University of California, Berkeley and Cornell University.

[Top Image- meritalk.com]

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