• Chainlink has launched its Cross-Chain Interoperability Protocol (CCIP), allowing enterprises to transfer data and value between public or private blockchain environments.
• The protocol uses Swift’s messaging infrastructure, which is used by over 11,000 banks around the world to facilitate international payments and settlement.
• CCIP aims to create a bridge between the on-chain and off-chain worlds, creating a single Internet of Contracts.
Chainlink Launches Cross-Chain Protocol
Chainlink has gone live with its cross-chain protocol, aiming to provide interoperability between traditional financial firms and both public and private blockchains. The development firm’s Cross-Chain Interoperability Protocol (CCIP) has launched under early access on Ethereum, Avalanche, Polygon, Arbitrum and Optimism.
The Protocol Uses Swift’s Messaging Infrastructure
CCIP is an interoperability protocol that allows enterprises to transfer data and value between public or private blockchain environments directly from their backend systems. Chainlink’s interoperability solution uses Swift’s messaging infrastructure, which is used by over 11,000 banks around the world to facilitate international payments and settlement. In 2021 alone, the network settled about $1.8 quadrillion in transactions from over 11,000 member banks.
Bridging On-Chain & Off-Chain Worlds
The development firm behind the Chainlink protocol aims for itsInteroperability Protocol (CCIP) to create a bridge between the on-chain and off-chain worlds: “Just like key standards such as TCP/IP remade a fragmented early internet into the single global internet we all know and use today, we are making CCIP to connect the fragmented public blockchain landscape and the growing bank chain ecosystem into a single Internet of Contracts.” Several top banks around the world are already collaborating with Chainlink to explore applications for CCIP while BNY Mellon, BNP Paribas, Citi Australia & New Zealand are among other financial institutions exploring it’s use.
Creating A Blockchain Powered Society
An interoperability solution that can seamlessly transmit value between networks will be a critical building block for a blockchain powered society according to Chainlink co-founder Sergey Nazarov: “We are making CCIP to connect the fragmented public blockchain landscape and the growing bank chain ecosystem into a single Internet of Contracts.”
Conclusion:
By launching its Cross Chain Interoperability Protocol (CCP), ChainLink enables developers on Ethereum mainnets direct access interchangeably transact data & values from various blockchains as well as traditional finance institutions who have adopted it’s use such as BNY Mellon ,BNP Paribas & Citi Australia & New Zealand . This creates a bridge between traditional finance systems & new blockchain technology helping bring us closer towards creating an Internet of Contracts in order accelerate progress towards full adoption of decentralized applications in our daily lives!