Founded: January 2014
Founders: Flavien Charlon
Technology: Open Assets Protocol and Openchain
Customers/Partners: Accenture, Microsoft Azure, PwC
Flavien Charlon of Coinprism developed the Open Assets Protocol and more recently Openchain.org. The Open Assets Protocol (OAP) is a protocol built on top of the Bitcoin Blockchain that allows issuance and transfer of user-created assets and is n evolution of the concept of colored coins. OAP has been utilized by Overstock for its cryptobond, Nasdaq for its Linq digital assets, and by Mizuho bank for cross-border security settlement.
Openchain is an open source distributed ledger technology that will allow any enterprise user, company or institution to set up their own ledger as well as issue and manage digital assets. Openchain utilizes a partitioned consensus system where every Openchain instance only has one authority validating transactions, each organization controls their own Openchain instance, chains can connect to each other, different transactions will be validated by different authorities depending on the assets being exchanged, and every asset issuer has full control on the transactions relevant to that asset.
Unlike blockchains, Openchain doesn’t use the concept of blocks. Transactions are directly chained with one another, and they are no longer grouped in blocks. While blockchains group transactions in blocks that introduces a delay, transactions in Openchain are linked to the chain as soon as they are submitted to the network and thus result in real-time confirmations. A more appropriate term for Openchain is a “transaction-chain” rather than a “blockchain”.
Coinprism has partnered with PwC and Microsoft Azure, and entered Accenture’s Fintech Innovation Lab with Openchain in February 2016.