Company
Date Published
Author
Chainlink
Word count
1740
Language
English
Hacker News points
None

Summary

Onchain finance is revolutionizing the global financial system by providing a more verifiable, efficient, and accessible means of operation, with major institutions like Swift, DTCC, and ANZ leveraging Chainlink's technology to explore and demonstrate the tokenization of assets. This shift towards onchain finance envisions a future where hundreds of public and private blockchains support trillions of dollars in tokenized real-world assets (RWAs), requiring capabilities such as real-world information enrichment, secure cross-chain transfers, and connectivity to offchain data. Chainlink, a decentralized computation platform, addresses these needs with services like Proof of Reserve, identity verification, and data feeds, ensuring assets maintain their integrity and security as they move across chains. Its Cross-Chain Interoperability Protocol (CCIP) acts as a standard similar to TCP/IP, facilitating seamless value transfers across blockchains and enabling programmable asset transfers. This integration promises to enhance market liquidity, reduce transaction times, and offer deterministic security guarantees, positioning onchain finance as a significant evolution in the financial industry.