Chainlink Labs, the founder of the Chainlink blockchain oracle network, is working with PwC Germany as an integration partner to encourage enterprises to launch blockchain applications, mainly on public blockchain.
Anyone familiar with web3 will know Chainlink provides an oracle network that enables external data to be used in smart contracts. A lot of that data might be crypto related, but there are real world applications such as weather, FX or flight data used for parametric insurance.
Given the data can often influence financial outcomes, it mustn’t get manipulated between the source and reaching the smart contracts, which is where Chainlink’s network comes in.
This sort of API data needs to be used across many flavors of blockchain. Hence Chainlink Labs developed the Cross-Chain Interoperability Protocol (CCIP), providing a messaging interface so smart contracts can talk to each other across many different blockchains, both public and private. And it’s testing that with SWIFT.
It also supports off-chain computation and has a decentralized identity application that can potentially be used for Know your customer.
“PwC Germany and Chainlink Labs aim to help accelerate enterprise adoption of blockchain technology in key enterprise sectors such as capital markets, ushering in a new era of transactional security, transparency, and efficiency,” said Dimitri Gross, Technology Interest Group Lead for Digital Assets and Crypto at PwC Germany. “We are excited to empower businesses with the knowledge, integrations, and solutions they need to seamlessly and securely interface with the growing blockchain economy.”
While regulators seem hesitant about public blockchain, there’s certainly interest from enterprises. That particularly applies to tokenization, whether it’s carbon credits, security tokens or tokenized real estate.
Even institutions such as JP Morgan and Singapore’s DBS Bank are trialing permissioned solutions on public blockchain under the oversight of the Monetary Authority of Singapore.