📣 Chainlink Oracle Network Introduces CCIP Private Transactions
posted 22 Oct 2024
On October 22, 2024, Chainlink, the decentralized oracle platform, introduced CCIP Private Transactions—a solution designed to help corporations integrate their private blockchain networks with existing systems, such as corporate backends.
Read more: Blockchain Oracles: Types and Functions
This solution allows private blockchains to connect with Chainlink, providing access to off-chain data (such as Proof of Reserves and market prices) without revealing private blockchain information to third parties.
Only the specific on-chain data required for processing a particular cross-chain transaction is revealed, eliminating the need for companies to build and manage their own cross-chain infrastructure, reducing costs and minimizing the risk of unauthorized access.
Read more: Top 7 Blockchain Oracles for 2024
The bank plans to integrate the technology for cross-chain transactions in the RWA sector as part of the Monetary Authority of Singapore's tokenization initiative, Project Guardian.
CCIP Private Transactions utilizes Blockchain Privacy Manager, which ensures the confidentiality of shared data.
Read more: Blockchain Oracles: Types and Functions
This solution allows private blockchains to connect with Chainlink, providing access to off-chain data (such as Proof of Reserves and market prices) without revealing private blockchain information to third parties.
Blockchain Privacy Manager Workflow. Source: chain.link
Moreover, Blockchain Privacy Manager enables financial institutions to use Chainlink’s public CCIP network to connect private blockchains with other public or private networks.
Only the specific on-chain data required for processing a particular cross-chain transaction is revealed, eliminating the need for companies to build and manage their own cross-chain infrastructure, reducing costs and minimizing the risk of unauthorized access.
Read more: Top 7 Blockchain Oracles for 2024
ANZ Bank First to Utilize CCIP Private Transactions
The Australia and New Zealand Banking Group (ANZ) will be among the first institutions to implement Chainlink’s new privacy solution.
The bank plans to integrate the technology for cross-chain transactions in the RWA sector as part of the Monetary Authority of Singapore's tokenization initiative, Project Guardian.
ANZ, one of Australia’s largest banks, specializes in home lending and digital banking. It is expanding its retail operations through the acquisition of Suncorp Bank and is exploring blockchain for asset tokenization.
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