Sequence is a cloud-based service started by a blockchain startup called Chain. It offers ledger service to manage balances in financial and commerce applications like lending platforms, digital wallet apps, marketplaces, exchanges, and similar. It aims to eliminate the need to create a pre-arranged traditional system and offers the product via the cloud as Software as a Service(SaaS).
The benefit of the SEQ service is it will enable the customers to focus on other important aspects of their business without having to worry about the maintaining and managing the ledger infrastructure.
Several businesses are wary of the cloud as they fear security to their data especially their financial transactions and other mission-critical applications. Chain guarantees the security aspect as the transactions are encrypted and signed using the public and private keys.
The company started its operations with intentions to target financial institutions and banks but now finds that the services can be extended to almost all the sectors like cryptocurrency exchanges, mobile wallets, pre-paid phones, video and betting sites and several more. Technology has widened the scope and allows the startups to venture into every type of business all of which require some type of balance including prepaid phones, mobile wallets, digital exchanges, and similar.
Building a ledger is not an easy task. Errors, data loss, corrupt infrastructure can all create huge losses. It can also have a wrong impact and cause a breach of trust. Sequence builds a ledger that is robust, secure and ensures high availability integrating it with other applications.
As a business grows, transactions increase requiring more efforts to maintain the ledger. There could times when the ledger may need reconstruction or some modifications. All these require lot of resources and effort which Sequence looks to eliminate. Balances are characterized by “token-like objects” termed as assets that can be embedded into more complex applications.
SEQ is an encoded and secured cloud service that enables its users to create, install, and operate highly scalable and flexible blockchain systems meeting and complying with all the security and privacy norms as required by the financial institutions.
As of today, the software is available free as a public developer preview. However, it is expected to have a formal launch in early 2018 when new functionalities will be added. The startup raised USD 30 million and could pull some of the top investor companies.
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