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DTCC Successfully Creates Pilot To Send Data To Chainlink

source-logo  cryptonews.net  + 1 more 17 May 2024 13:47, UTC

The Depository Trust and Clearing Corporation (DTCC) has successfully completed the Smart NAV pilot, a collaborative initiative involving ten market participants. This pilot leveraged Chainlink, the cross-chain interoperability platform, to deploy data on-chain and integrate it into various blockchain applications. The Smart NAV pilot represents an important step in the digital transformation of financial services. By using Chainlink, the decentralized oracle network, DTCC ensured secure and efficient transmission of NAV data, a crucial metric for investment funds.

This system enabled real-time data dissemination and automation as well as access to historical data. The DTCC led as a “solution governor” in the chain where the data is protected. The data was transformed from “old” file-based formats into a modern structure and integrated into a blockchain transaction. Chainlink then routed the delivery and took responsibility for delivering the message to relevant blockchain networks.

DTCC’s initiative reflects the broader trend of using blockchain technology to modernize financial infrastructure. Seamlessly providing data on-chain opens up numerous possibilities for tokenized assets, smart contracts, and other blockchain applications. This pilot serves as a proof of concept that trusted data can be effectively integrated into blockchain networks and sets a precedent for future innovation in the industry.

Image: Blockchainwelt

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