The fact that it is braided cable suggests that it is an RF (radio freq) ground. But since it is going from chain plate to keel would suggest a simple bonding ground. The "fuse" may be a capacitor. check by testing resistance across it. 0 ohms for a fuse, infinite for a capacitor. Grounds should NEVER have fuses.
Does the boat have a HF radio?
if yes where does the coax from the back of the HF radio go?