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Chainlink and Swift Complete Tokenized Asset Integration Test
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Cryptocurrency oracle network Chainlink (LINK) has completed another pilot project, in cooperation with UBS and Swift. According to the network, Project Guardian aims to interconnect several banking systems.
Although it has the participation of Chainlink, the Guardian initiative came from the Monetary Authority of Singapore (MAS). One of the main tests during the pilot program was using Swift to settle on-chain transfers.
With the new project, Chainlink has started to shift its focus to banking institutions, which build private blockchains. Its forms of settlement and liquidity do not depend on usual cryptocurrency practices. In this sense, Chainlink’s role is to offer reliable and timely data from on-chain and off-chain events.
“For digital assets to be adopted globally, they must integrate seamlessly with existing payment systems and digital currencies. Our work with UBS Asset Management and Chainlink on the MAS Guardian Project leverages the Swift global network to connect digital assets with established systems,” said Jonathan Ehrenfeld, head of strategy at Swift.
Chainlink and Swift together
Chainlink, UBS, and Swift have explored tools to buy and sell tokenized funds using the payment system. The reach of available settlements would reach 11,500 financial institutions in 200 countries and territories.
Chainlink’s oracle technology would be used to avoid manual settlements or multiple steps when moving from token-based assets to fiat. In other words, the objective of the project is to automate settlements as much as possible, eliminating human influence.
Chainlink oracles have automated these operations in cryptocurrencies, and the team hopes to do the same in the traditional market. In this way, the Chainlink appears to abandon the general narrative that blockchains would replace Swift.
The movement between on-chain and traditional transfers has happened manually until now. But with oracles, Chainlink aims to automate the process and remove the possibility of errors.
Chainlink’s approach could mean that financial institutions have a separate market to settle their payments. This would eliminate the need for companies to have to go through cryptocurrency infrastructure.
The approach also goes against the value proposition of Ripple, which has claimed its system can replace Swift. The positioning aims to make the oracle network the first integrate famous real-world assets (RWA).
Chainlink and Swift Complete Tokenized Asset Integration Test
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Chainlink and Swift Complete Tokenized Asset Integration Test
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Chainlink and Swift Complete Tokenized Asset Integration Test
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Chainlink and Swift Complete Tokenized Asset Integration Test
