Coinprism, the developer of Openchain - an open source blockchain technology for financial institutions, is entering Accenture’s Fintech Innovation Lab.
Accenture and a number of banks involved in the selection process included Coinprism among six companies selected to the program. The startups will over the coming months work with financial institutions including Credit Suisse, Royal Bank of Scotland, Citi and State Street.
As Openchain is open source software, Coinprism intends to offer support contracts to enterprises as well as customized solutions for financial institutions.
Coinprism’s open source approach to delivering blockchain tech has now been emulated by its competition, with the emergence of the Linux Foundation’s Hyperledger project. Openchain is apparently months ahead of Hyperledger in terms of product development, being code ready and completely functional since its October release.
Flavien Charlon, founder of Coinprism, noted in the IBTimes:
“We are extremely excited to be joining the Accenture Fintech Innovation Lab. The banks in the program are keen to be working with us; while they hear a lot about Blockchain technology, very few of the vendors have a finished and usable product.”
In January, Coinprism was part of the Santander Distributed Ledger Challenge and was selected as a finalist in the challenge won by Cambridge Blockchain. In December 2015, Microsoft added Openchain to its blockchain-as-a-service offerings on the Azure cloud platform.
Accenture recently formed a strategic partnership with Digital Asset Holdings, the company that submitted Hyperledger as a project to the Linux Foundation.
Coinprism founder and Openchain architect Charlon wrote the Open Assets Protocol in 2013, which permits storing and transferring of custom, non-native digital assets – called colored coins – on the Bitcoin blockchain. Both Nasdaq and Overstock has used this OAP to develop their blockchain tech offerings.
