Chainlink has launched two main products to address privacy issues in cross-chain transactions: CCIP Private Transactions and Blockchain Privacy Manager. Below are detailed introductions to these two products and their testing situations in practical applications:
1. CCIP Private Transactions: CCIP Private Transactions utilize a novel on-chain encryption/decryption protocol that allows organizations to conduct transactions across multiple private blockchains using the public CCIP network while keeping transaction details completely confidential. End-to-end encryption prevents Chainlink node operators or other third parties from accessing sensitive content of the organization's cross-chain transactions, including token amounts, sender/receiver addresses, and data instructions. The encryption keys are generated and held by the organization users, who can selectively share them with authorized parties of their choice, such as trading counterparties, compliance auditors, or financial regulators.
2. Blockchain Privacy Manager: The Blockchain Privacy Manager allows organizations to integrate their private blockchain networks with existing systems (such as traditional enterprise backends) while limiting on-chain data exposure. This functionality enables private chains to integrate with public chain platforms, providing access to key off-chain data such as proof of reserves (PoR), net asset value (NAV), market prices, and identity data, without exposing sensitive private chain data to third parties.
3. Practical Application Test: Australia and New Zealand Banking Group (ANZ) has agreed to pilot these features under the Singapore Monetary Authority's Guardian project, exploring cross-chain settlement of tokenized real-world assets. ANZ collaborated with Chainlink to successfully demonstrate how ANZ customers can securely transfer ANZ-issued stablecoins across chains using CCIP to purchase tokenized assets. This test focused on cross-chain delivery versus payment (DvP), where ANZ utilized its own issued stablecoins and achieved atomic cross-chain transactions through CCIP's programmable token transfer feature, ensuring that assets and payments are completed simultaneously.
These two products together help achieve secure, private, and seamless cross-chain transactions while ensuring regulatory compliance, which is a significant factor for banks. Through these technologies, Chainlink aims to further advance the application and development of institutional blockchains.