Blockchain infrastructure company Chain has announced it is working on six new blockchain solutions behind the scenes, following on from its recent successful integration between Citi and the NASDAQ stock exchange.
While the details of these additional projects are not yet in the public domain, they are expected to be of a similar size, scale and complexity as the NASDAQ/Citi integration, and could see blockchain technology being used to make a significant difference to business processes and transactions.
Adam Ludwin, the company’s founder, said that his company was already engaged in these additional six developments, but had eyes on further integrations in the near future.
“We are working on about a half a dozen networks right now. You don’t want to take on more than you can chew, and we think at our scale six feels right … Each one is like a startup.”
Chain has recently expanded its team to a total of 30 full-time development staff, with plans for further expansion in response to growing demand for their implementations.
While little light has been shed on its current work, the pilots in development are thought to cover functions as diverse as payments, supply chain integration, insurance and capital markets.
The requirements of non-disclosure agreements prevent Ludwin from sharing further details, but he has said that the majority of their work follows similar technologies as those used previously in its Visa integration.
On the Citi project specifically, arguably their most significant development to date, Ludwin was also quick to point out that work is far from complete on their system.
“Citi intends to integrate with more over time…We have not only the beginning of a network between Citi and Nasdaq, but also Citi-built capabilities which can connect to other networks over time.”
Chain was founded as recently as 2015, and has gone on to secure funding worth just under $44 million for its early stage development. Investment partners included the likes of telecom company Orange, Fiserv and Capital One, among others.
Both Capital One and Fiserv are known to be embarking on blockchain projects of their own, including solutions that could be deployed in the health-care sector, as well as further solutions for payments.
While much of the detail of Chain’s projects remains undisclosed, it is thought that they are collaborating with non-investor companies to deliver these blockchain solutions.
It remains to be seen whether these solutions will see the light of day, and whether they can have the profound impact intended on their respective industries.