Chainlink (LINK), a decentralized oracle service, has formed a partnership with Australia and New Zealand Banking Group (ANZ), a major financial institution.
A case study employing Chainlink’s innovative Cross-Chain Interoperability Protocol (CCIP) technology reportedly had ANZ as a participant.
According to the case study, it was shown that stablecoins produced by ANZ may be used to make cross-chain CCIP purchases of environmental assets.
Chainlink Labs and ANZ published a study in which they argue that CCIP will be a catalyst for institutional tokenized asset adoption.
This article presents a case study that proves financial institutions may provide their customers safe access to a variety of tokenized assets and digital asset services, even if those assets and services are stored on separate public and private blockchains.
Tokenized assets may be adopted more quickly by financial institutions if a cross-chain interoperability standard is developed, just as the Internet and global banking were revolutionized by interoperability standards. Chainlink co-founder Sergey Nazarov recently told CNBC that their partnership worked “very well.”
“We were able to accomplish every major objective. Chainlink’s CCIP (cross-chain interoperability protocol) allowed us to leverage the widely-adopted SWIFT messages to kick off blockchain activities.
We also linked various private banking chains to facilitate inter-chain transactions between banks operating on different networks. We also succeeded in bridging the gap between private and public banking chains, allowing private banks to engage in business with public banking contracts such as DeFi (decentralized finance). This proves that all three objectives were met.”
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