Chainlink launched an updated version of its Cross-Chain Interoperability Protocol (CCIP). The solution’s new functionality enables financial institutions to ensure complete transaction privacy.
Chainlink’s CCIP was updated. According to the company’s blog post, the new functionality will support private transactions for banks and other financial institutions, ensuring data confidentiality and integrity as well as regulatory compliance.
Specifically, the Chainlink team introduced two new CCIP features that focus on privacy when using the protocol:
- Private Transactions. This option allows financial institutions to encrypt and decrypt transaction data when interacting with multiple blockchains. It’ll ensure full data protection and compliance with the General Data Protection Regulation (GDPR).
- Blockchain Privacy Manager. This will integrate private blockchains with Chainlink’s public platform, as well as other private networks. The feature will enable financial organizations to connect traditional systems to the network, keeping transactions private and data secure.
The first customer to implement the CCIP updates will be ANZ Bank, which will test the new tokenized real-world asset (RWA) settlement functionality as part of Project Guardian.
According to Sergey Nazarov, Co-Founder of Chainlink, the protocol’s new features are designed to open up the possibility of large-scale use of blockchains by financial institutions, while ensuring security and compliance with regulatory requirements.
The CCIP protocol was launched by Chainlink last year and is being tested by ANZ to facilitate the trading of tokenized assets in Australia, Taurus to provide data transparency, ZKsync Era to facilitate cross-chain interoperability of L2 protocols, and Sygnum and Fidelity International to move financial data on the blockchain.
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