Monday, one of the leading startups in the space, San Francisco-based Chain, published a new open source protocol, or set of technical standards, called the Chain Open Standard for building a blockchain network that can securely, privately and rapidly handle a large volume of transactions.
Depending on the hardware and network configuration, it can process tens of thousands of transactions per second. In contrast, the Bitcoin blockchain is currently capable of processing roughly six or seven transactions per second.
The Chain OS is focused on networks that can digitize the world’s existing assets (not a new currency like Bitcoin), whether commonplace ones like gift cards or more obscure ones like syndicated loans, and was developed by applying the technology to real projects in areas such as banking, payments, capital markets and insurance.