Swift says interoperability experiment with Chainlink’s CCIP was successful

Swift conducted an experiment on blockchain interoperability using Chainlink’s Cross-Chain Interoperability Protocol.

. The aim was to assess the feasibility of allowing financial institutions to interact with tokenized assets and conduct transactions on both public and private blockchain platforms using their existing back-end systems.

Additionally, the report noted that financial institutions are generally more inclined to integrate blockchain technology into their current infrastructure rather than constructing new systems.For the experiment, Swift said it collaborated with multiple financial institutions — including Australia and New Zealand Banking Group Limited, BNP Paribas, BNY Mellon, Citi, Clearstream, Euroclear, Lloyds Banking Group, SIX Digital Exchange and The Depository Trust & Clearing Corporation.

“The experiments have highlighted the role that a blockchain interoperability protocol could play in transferring data and value across blockchains,” the report said.that banks may adopt its newly launched CCIP protocol to connect with blockchains, claiming the protocol can help bring trillions of dollars into crypto from traditional finance.

Chainlink is a decentralized oracle network widely used by blockchain smart contracts to integrate real-world data. © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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