This is one link of some chain lying on the rocky coast of Hoxa, South Ronaldsay. It dates back to the Second World War, possibly even right back to the First World War. It is remains of anti submarine defence booms, that stretched across from South Ronaldsay over to Flotta, to protect the British Fleet that was at anchor in Scapa Flow.
It is quite a large heavy chain, each link was probably over 12 inches in length.