The Latest Chainlink News Could be BIG for Web3

TL;DR

• Late last week, Chainlink released the results of their pilot with the Depository Trust and Clearing Corporation (DTCC) which went really well - and it could be huge for web3.

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Chainlink is one of the most interesting med-large cap 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 (key word: verified).

Which is handy when you want to automate something like ‘buy X when Y happens’ or ‘sell Y when X happens’.

Less than a year ago, they launched the ‘Cross-Chain Interoperability ​Protocol​’ (​CCIP​) which simplifies the process for sending cross-chain transactions.

For example: wanna purchase an Ethereum NFT but only have SOL? You’ll need to do a cross-chain transaction.

But here’s the cool part:

Late last week they released the results of their pilot with the Depository Trust and Clearing Corporation (DTCC).

Never heard of the DTCC? They’re just the world’s largest settlement and infrastructure company, processing over $2 trillion annually :)

Turns out, it went really, really well. Here’s the full report if you want to have a gander.

This could be huge because, imagine if every hedge fund started using Chainlink’s data to make decisions, and using the CCIP to allow them to trade across blockchains.

With the right set of ‘rules,’ we could see some very successful companies.

It may not be sexy, but we love to see pilots like these between web3 companies and massive backend infrastructure companies.

After all, blockchain is a backend technology!