This character is a Other Symbol and is commonly used, that is, in no specific script. The character is also known as tyre chains required.
The glyph is not a composition. Its width in East Asian texts is determined by its context. It can be displayed wide or narrow. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+26D3 offers a line break opportunity at its position, except in some numeric contexts.
The CLDR project calls this character “chains” for use in screen reading software. It assigns these additional labels, e.g. for search in emoji pickers: chain.
This character is designated as an emoji. It will be rendered as monochrome character on conforming platforms. To enable colorful emoji display, you can combine it with Variation Selector-16: ⛓️ See the Emojipedia for more details on this character’s emoji properties.
The Wikipedia has the following information about this codepoint:
A chain is a serial assembly of connected pieces, called links, typically made of metal, with an overall character similar to that of a rope in that it is flexible and curved in compression but linear, rigid, and load-bearing in tension. A chain may consist of two or more links. Chains can be classified by their design, which can be dictated by their use:
Those designed for lifting, such as when used with a hoist; for pulling; or for securing, such as with a bicycle lock, have links that are torus shaped, which make the chain flexible in two dimensions (the fixed third dimension being a chain's length). Small chains serving as jewellery are a mostly decorative analogue of such types.
Those designed for transferring power in machines have links designed to mesh with the teeth of the sprockets of the machine, and are flexible in only one dimension. They are known as roller chains, though there are also non-roller chains such as block chains.
Two distinct chains can be connected using a quick link, carabiner, shackle, or clevis.
The load can be transferred from a chain to another object by a chain stopper.