TL; DR
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Late last week, Chainlink issued the results of their pilot with the Depository Trust and Clearing Corporation (DTCC), which went very well – and could be huge for web3.
Full story
Chainlink is one of the most interesting mid-market crypto projects out there.
It’s an “oracle” blockchain, which is a nerdy way of saying: it collects data from trusted third parties, puts it on the blockchain, and charges people to access that verified information (keyword: verified).
This is useful if you want to automate something like ‘buy X if Y happens’ or ‘sell Y if X happens’.
Less than a year ago, they launched the Cross-Chain Interoperability Protocol (CCIP) that simplifies the process of sending cross-chain transactions.
For example: do you want to buy an Ethereum NFT, but only have SOL? You must perform a cross-chain transaction.
But here’s the cool part:
They arrived at the end of last week issued the results of their pilot with the Depository Trust and Clearing Corporation (DTCC).
Never heard of the DTCC? They are simply the world’s largest settlement and infrastructure company, handling over $2 trillion annually 🙂
It turned out to go really well. Here is the full report if you want have a look.
This could be huge, because imagine if every hedge fund started using Chainlink’s data to make decisions, and started using the CCIP to allow them to trade on blockchains.
With the right set of ‘rules’ we could see some of them terribly successful companies.
It may not be sexy, but we love seeing pilots like this between web3 companies and massive backend infrastructure companies.
Blockchain is a backend technology after all!