October was an exceptionally newsworthy month in the Chainlink ecosystem.
During Sibos, Chainlink announced the results of an industry initiative to standardize corporate actions data onchain with eight major market participants, including Swift and Euroclear, as well as Hyperledger Besu, Avalanche, and ZKsync. The initiative demonstrated how Chainlink oracles and large language models (LLMs) can validate and deliver critical financial data onchain and cross-chain via Cross-Chain Interoperability Protocol (CCIP).
Combining oracles and LLMs offers a novel solution to current issues in corporate action processes that cost regional investor, broker, and custodian businesses up to $5 million each annually.
“Turning various pieces of disconnected corporate actions data into unified golden records that can then be relied on by hundreds of market participants as a definitive, single source of truth is truly a huge step forward in how financial markets deal with critical and error-prone data,” said Chainlink co-founder Sergey Nazarov.
Chainlink also launched new privacy capabilities for CCIP that complement existing privacy-preserving services such as DECO. Australia and New Zealand Banking Group (ANZ), one of the largest banks in the Asia-Pacific region with over 1.1 trillion AUD in assets, will be the first major institution to pilot CCIP Private Transactions for cross-chain settlement of tokenized real-world assets under the Monetary Authority of Singapore’s Project Guardian.
As the industry standard for cross-chain digital asset and data transfer, CCIP continues to power exciting new use cases for tokenized assets with unique onchain utility. Leading web3 gaming ecosystem Ronin became one of the latest blockchain networks to select CCIP as its canonical cross-chain infrastructure following a nearly unanimous vote among Ronin validators.
Head Researcher at Sky Mavis, Phuc Thai, described Chainlink CCIP as the “obvious choice” to secure cross-chain functions for Ronin’s hyper-scalable blockchain gaming network, which has processed over $4 billion in NFT volume.
During his SmartCon keynote, Sergey Nazarov unveiled Chainlink’s latest major upgrade: the Chainlink Runtime Environment (CRE) – a unified, flexible, modular, chain-agnostic computing environment designed to accelerate TradFi’s web3 adoption by making it faster and easier to build decentralized applications that are compatible with existing financial systems.
Using cryptographic tools such as zero-knowledge proofs and trusted execution environments, CRE allows institutions to bring financial services onchain while protecting users’ private data. Nazarov compared CRE’s historical significance to COBOL, which automated finance, and JRE, which connected financial services to the internet.
“What we’ve realized from all of our work with these large institutions is that their model of consuming new technology is to have it simplified for them through a single computational environment,” he explained onstage.
“If we provide the environment to do it, together with the services that they need to build the applications, then I genuinely believe that not only will we enable this next economic boom, but we will be at the very epicenter of it.”
On SmartCon Day 2, TRON founder H.E. Justin Sun announced that TRON DAO joined Chainlink Scale and will integrate Chainlink Data Feeds as TRON’s official data oracle solution to help secure its two largest DeFi applications, JustLend and JustStable, with over $6.5 billion in TVL.
In an official announcement, TRON DAO Community Spokesperson Sam Elfarra emphasized how upgrading TRON’s oracle solution from WINkLink to Chainlink will further expand its ecosystem and advance blockchain adoption as a whole.
“Chainlink’s unmatched security and reliability made it the clear choice as TRON’s official oracle provider,” he said. “This integration enables us to focus on scaling our ecosystem and further driving mass adoption in the blockchain industry.”
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