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Chainlink Unveils Private Blockchain Transactions for Institutions

22 October 2024
in Blockchain, Business, News
Reading Time: 3 mins read
102 7
Home News Blockchain

Ethereum-based Oracle Chainlink has introduced new privacy-preserving technology designed to help financial institutions protect sensitive data during blockchain transactions.

On October 22, Chainlink launched two major features aimed at facilitating blockchain adoption in the financial sector while ensuring end-to-end data privacy.

The new offerings include the Blockchain Privacy Manager, which allows financial institutions to integrate private chains with the public Chainlink platform, and CCIP Private Transactions, an encryption protocol that ensures privacy during cross-chain transactions.

According to Chainlink, one of the first to pilot this technology is Australia and New Zealand Banking Group (ANZ Bank). The bank plans to use Chainlink’s Blockchain Privacy Manager for cross-chain settlements of tokenized real-world assets as part of the Monetary Authority of Singapore’s tokenization initiative, known as Project Guardian. By using Chainlink’s platform, institutions like ANZ can connect private chains to both public and private blockchains, enabling seamless integration of traditional finance systems with blockchain technology.

The CCIP Private Transactions feature further allows institutions to encrypt sensitive data—such as token amounts and counterparties—when executing transactions across multiple private chains. Chainlink emphasized that the lack of secure cross-chain privacy has been a major obstacle for financial institutions seeking blockchain adoption while adhering to stringent data protection regulations, including Europe’s General Data Protection Regulation (GDPR).

Sergey Nazarov, co-founder of Chainlink, highlighted the importance of privacy for institutional blockchain adoption, stating,

“Privacy is a critical requirement for most institutional transactions.”

Nazarov expressed optimism that Chainlink’s new technology will accelerate blockchain adoption by addressing privacy concerns.

This development follows Chainlink’s partnership with IDA Finance, a Hong Kong-based digital asset issuer, to integrate Chainlink’s services into the upcoming HKDA stablecoin, backed by the Hong Kong dollar. The collaboration will include Chainlink’s Proof-of-Reserves (PoR) technology, enhancing transparency and security for the fiat-backed stablecoin.

 

If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.

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Jewel Buddy

Buddy Jewel is a finance writer specializing in cryptocurrency news. With a keen eye on the latest developments in the digital asset space, I provides insightful and timely updates on the ever-evolving world of crypto.

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