]has launched #CCIP Private Transactions, a new privacy feature powered by blockchain technology and aimed at enabling financial institutions to maintain data confidentiality, integrity and compliance in cross-chain #transactions . In its announcement, Chainlink said this development addresses pressing privacy concerns that have so far limited institutions' participation in blockchain ecosystems due to the need for secure, private transactions.
One of the first users of the #Technology is the Australia and New Zealand Banking Group (ANZ), which will pilot the capability as part of the Monetary Authority of Singapore's (MAS) Project Guardian. This project focuses on cross-chain settlement of tokenized real-world assets (RWAs), highlighting a use case that complies with regulatory standards such as GDPR and MiFID II.
Previously, financial institutions have been hesitant to interact with blockchain due to a lack of privacy solutions for cross-chain transactions. The rules require end-to-end privacy for interactions between private blockchains, as well as limiting data disclosure when transactions involve public blockchains. Chainlink said its CCIP Private Transactions aims to address this issue by providing a new encryption and decryption protocol that keeps transaction details private, including data, token amounts and involved counterparties.
Chainlink has introduced a new CCIP Private Transactions feature for financial institutions
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
Replies 2