Swift tested the Cross-Chain Interoperability Protocol from Chainlink with a number of financial institutions.
According to a report published by Swift, the global financial messaging network, the Cross-Chain Interoperability Protocol developed by Chainlink has the potential to ease communication between existing financial infrastructure and blockchain innovations.
Swift revealed that it developed the prototype solution using its own network in addition to the CCIP. The goal was to see whether banks could use their current infrastructure to engage with tokenized assets and make transactions on public and private blockchains.
The survey also found that banks preferred using blockchain technology into existing systems rather than developing whole new ones.
Swift said that it worked with a number of banks on the trial, including ANZ Bank Limited, BNP Paribas, BNZM, Citi, Clearstream, Euroclear, LBGI, Lloyds Banking Group, SIX Digital Exchange, and DTCC. According to Swift, the outcomes “successfully demonstrated” the security of connecting blockchains with legacy banking systems for financial transactions.
The paper states that the trials show the potential benefit of a blockchain interoperability protocol for the exchange of data and currency across different blockchains.
To assist bring trillions of dollars into crypto from conventional banking, Chainlink co-founder Sergey Nazarov told The Block in July that banks may embrace its recently developed CCIP protocol to interact with blockchains. Blockchain smart contracts often use Chainlink, a decentralized oracle network, to include external data.
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