Chainlink, the decentralized oracle service, has joined forces with the renowned lending institution, the Australia and New Zealand Banking Group (ANZ).
According to a recent statement from Chainlink, ANZ actively participated in a case study centered around the oracle’s groundbreaking Cross-Chain Interoperability Protocol (CCIP) technology.
The case study showcased the capability of ANZ-issued stablecoins to seamlessly traverse different blockchains using CCIP, enabling the acquisition of nature-based assets.
In a collaborative paper by Chainlink Labs and ANZ, the authors emphasize that CCIP has the potential to drive institutional adoption of tokenized assets.
“The case study presented in this paper demonstrates that financial institutions can provide clients with secure access to a wide range of tokenized assets and digital asset services, even across different public and private blockchains. This can vastly simplify the user experience of interacting with digital assets while
providing financial institutions with a way to serve client demand without substantial modifications to their existing infrastructure…
Similar to how interoperability standards transformed the Internet and global banking, a cross-chain interoperability standard could accelerate the adoption of tokenized assets amongst financial institutions.”
Earlier this year, SWIFT made headlines by announcing its blockchain interoperability testing with numerous financial institutions operating on the Chainlink network.
In a recent CNBC interview, Chainlink’s creator, Sergey Nazarov, expressed his satisfaction with the progress of the collaboration with SWIFT, describing it as “proceeding very positively.”
“All the key goals we wanted to achieve were achieved. We were able to use SWIFT messages, a widely used existing banking standard for initiating blockchain events through CCIP, the cross-chain interoperability protocol made by the Chainlink network.
We were also able to connect multiple private bank chains so that different banks on their respective chains could transact with each other from their chains. And we were able to connect those private bank chains to public chains so that those private banks could also transact with public chain contracts like DeFi (decentralized finance). And so all three of those goals were successfully proven.”