SBI Group and Chainlink officially partner strategically to promote the adoption of blockchain and digital assets globally.
The collaboration leverages Japan's financial market strengths along with Chainlink's secure, transparent data infrastructure to develop advanced financial applications, especially in the Asia-Pacific region.
MAIN CONTENT
SBI and Chainlink collaborate to focus on developing crypto assets and cross-chain transactions in Japan and the Asia region.
Integrating the CCIP protocol and SmartData data solutions, Proof of Reserves to enhance security, transparency, and operational efficiency.
Previous successful collaboration experience with UBS and SBI Digital Markets in automating fund management through smart contracts.
What is the collaboration between SBI Group and Chainlink for?
A strategic collaboration aimed at accelerating the adoption of blockchain and digital assets globally, leveraging the growing financial environment in Japan.
Japan is a mature financial market with a rapidly developing digital asset ecosystem. SBI leverages extensive market knowledge, while Chainlink provides a secure and reliable data infrastructure and interoperability between blockchains. This combination will support financial institutions and DeFi applications to develop a variety of financial solutions based on new technologies.
This lays the groundwork for testing and deploying highly practical blockchain use cases, thereby promoting innovation in the digital finance sector in the Asia-Pacific region.
What are the main applications in the strategic collaboration between the two parties?
The collaboration focuses on developing critical applications for financial institutions, such as integrating real crypto assets from real estate, bonds, to secure, compliant cross-chain transactions.
The use of Cross-Chain Interoperability Protocol (CCIP) supports transactions between diverse blockchains while ensuring security and privacy requirements. The SmartData chain transmits the net asset value (NAV) of crypto funds to the blockchain to increase liquidity and operational efficiency.
The application of CCIP in foreign exchange payments and cross-border transactions will help optimize P2P payment operations. At the same time, the Proof of Reserves function from Chainlink makes stablecoin reserves on-chain transparent, increasing reliability for users and partners.
What previous collaboration history has proven effective between SBI and Chainlink?
In addition to the new strategy, both parties have successfully collaborated with UBS Asset Management to automate fund management and transfer agency operations using smart contracts.
This project is part of the Guardian program by the Monetary Authority of Singapore, demonstrating the capability of blockchain application in fund governance according to international standards. This lays a solid foundation for the development of new projects with a broader scope in Japan and the Asia region.
The collaboration between Chainlink, UBS, and SBI Digital Markets opens up a practical application story for blockchain in asset management, automation, and financial transparency.
– Representative of SBI Digital Markets, 2023
Frequently Asked Questions
What specific goals do SBI and Chainlink aim for in their collaboration?
They focus on developing blockchain solutions for financial institutions in Japan and Asia, including crypto assets, cross-chain transactions, and data transparency.
What is the Cross-Chain Interoperability Protocol (CCIP)?
CCIP is a protocol that enables secure transactions between various blockchains under security control and regulatory compliance.
What support does Chainlink Proof of Reserves provide for the market?
This solution helps to transparently provide information on stablecoin reserves on the blockchain, increasing reliability with users and investors.
How have smart contracts been applied in previous collaborations?
They automate the fund management process and transfer agency on the blockchain platform with the participation of UBS and SBI in Singapore.
How does this collaboration affect the Japanese market?
Developing new blockchain financial use cases, enhancing operational efficiency, and driving technological innovation in Japan's digital asset ecosystem.
Source: https://tintucbitcoin.com/sbi-group-va-chainlink-hop-tac-so/
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