• Chain Open Standard 1 (Chain OS 1), an open source blockchain protocol, was released May 2 after 18 months of development and collaboration
  • Chain, Inc. partnered with global financial service firms including CitiGroup, Visa and Capitol One during the process
  • The blockchain network connects multiple institutions and individuals to provide safe, efficient and unique transactions.

Remember when the idea of paying for everything with a plastic card seemed so out-there and unrealistic? Naysayers of virtual payment platforms like Bitcoin and blockchain have made the same argument.

Blockchain is a database that is neutral and accessible to anyone with a computer. It’s secure and enables participants to issue, transact and store financial assets digitally and in nearly an instant.

Up until May 2, the relevance of blockchain was perhaps its most obvious argument among real estate professionals, but a new partnership could change that.

Chain Open Standard 1 (Chain OS 1), an open source blockchain protocol, was released May 2 after more than a year of development and collaboration between Silicon Valley-based Chain, Inc. and multiple global financial services firms, including Visa, CitiGroup and Capitol One.

“Chain is a dynamic collaborative partner in both our investment and innovation portfolios, enabling Citi to explore blockchain applications for our customers in currencies, payments and beyond,” said Debby Hopkins, chief innovation officer of Citi and CEO of Citi Ventures, in a statement.

“The Chain Open Standard will greatly advance the progress and future scale of new blockchain use cases in an evolving financial ecosystem,” she said.

The Chain Open Standard was build to enable high-scale financial transactions, like home sales, to run on the same regulatory, security and privacy level, but on the blockchain networks. One of the key components to the model is that it’s intended to be scalable to help reduce the operational load for institutions and individuals on the network.

What will a blockchain network mean for real estate agents?

Blockchain Asset IDs

Blockchain Asset IDs

Using blockchain networks for home sales transactions can improve security not only of finances, but of the individual the agent is working with on the sale. Transactions would run smoother and faster, thus allowing the agent to focus on other aspects of their job and improving ROI as a whole.

Another valuable component that the Chain Open Standard is pioneering is its privacy solution that “encrypts blockchain data and provides selective read access to relevant counterparties and regulators.”

Asset IDs, similar to CUSIP or ISIN, are unique identifiers that ensure the transaction is running smoothly. These global identifiers can be created infinitely on the Chain Open Standard, and when associated with an Asset Definition smooth the process of transfers, signature gathering and more.

The Chain Open Standard is a contract framework that supports simple rule enforcement through each transaction.

“Chain’s approach puts our partners’ requirements at the center of an iterative and collaborative R&D effort,” Chain CEO Adam Ludwin said in a statement. “By partnering deeply on real projects with market leaders across a range of use cases in banking, payments, capital markets and insurance, we have designed a blockchain standard from the ground-up to solve problems in a cohesive way.”

Email Kimberly Manning

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription