CEO Deepak Thapliyal Unveils the Benefit of Shifting to Private Blockchains

Written in partnership with Ascend Agency

Blockchain is perhaps the most popular tech innovation driving true utility to industries. This distributed ledger of records or public databases is changing the dynamics of business across all industries including banks, healthcare, retails, and more. It is offering a newer level of safety and transparency of transactions by securing the data cryptographically. It is also more cost-effective as blockchain eliminates commissions or middlemen. Chain, a blockchain company, has entered this space introducing a completely different outlook to the technology. It is replacing the concept of public blockchains with private ones to help industries operate more efficiently.

Deepak Thapliyal, the CEO of Chain, discloses the company’s unique approach to going completely private with the blockchain network. Founded in 2014, Chain is known for developing an online tool that allows institutions to create and launch their own blockchain. In February 2022, Deepak Thapliyal bought the famous NFT collection, CryptoPunk, to expand Chain into the NFT space. In August this year, the luxury jewelry brand Tiffany partnered with Chain to enter the NFT space with their unique collection, NFTiff. This partnership helped Chain show off CryptoPunk in the real world in the form of Tiffany pendants designed as the physical counterpart of its digital assets.

Chain is setting a new trend by being a different form of tech innovation disrupting the crypto world. Unlike the Ethereum network, Chain offers an exclusive private network specific to an organization. This network doesn’t allow any public access or even public mining. According to Thapliyal, this regulated private blockchain network will be the future of business transactions in various industrial sectors. It will enable organizations to operate a personalized blockchain network based on customized needs and business models.

Private blockchain, compared to the public network, should be more effective and serve the best interest of businesses. Besides being more economical, it will allow a certain freedom of operation to organizations otherwise limited in a public blockchain network. Thapliyal believes that this new approach might change the face of today’s economy, as evidenced in the adoption of private blockchain by two finance giants, Nasdaq and Citibank. Nasdaq, a company overseeing the majority of stock exchanges, now operates on a private network developed by Chain that is faster and safer.

Thapliyal feels that the shift from the public to the private blockchain can make transactions more efficient and secure as the data must pass cryptography verification. There will be no transaction fee, making it highly affordable. Also, these networks can be developed with business-specific regulations and safety parameters, unlike standard public blockchain. It is more likely to change the dynamics of stock and cryptocurrency markets where huge transactions are transacted daily.

With this unique approach to blockchain, Thapliyal hopes that Chain will capitalize on the growing acceptance of private networks among originations. Besides being increasingly efficient, these networks will change customer behavior in the coming years. Trading and banking are the main sectors that Thapliyal believes will adopt private blockchains as a mainstream transaction network. While Chain will continue to innovate this technology to make it more dynamic and business specific, Thapliyal is optimistic to see the shift soon among organizations globally.