The Depository Trust and Clearing Corporation (DTCC) has successfully completed the Smart NAV pilot, a collaborative effort involving ten market participants.The pilot used Chainlink’s cross-chain interoperability platform to deliver data on-chain and integrate it into various blockchain applications.The Smart NAV pilot marks a significant step forward in the digital transformation of financial services. By utilizing Chainlink’s decentralized oracle network, DTCC ensured secure and efficient transmission of NAV data. This data is a critical metric for mutual funds.The system could disseminate and automate the data in real time while integrating access to historical data. Meanwhile, DTCC provides that data and acts as the “solution governor” in the chain where the data is under security.Upon obtaining the data, the system transforms it from “legacy” file-based formats to a modern structure and includes it in a blockchain transaction. Chainlink’s CCIP then routes the delivery and takes responsibility for transmitting the message to relevant blockchain networks.Likewise, the data will only be available for customer consumption through the pilot’s new computing methods. The DTCC explains that expanding capabilities start at a data dissemination point, where it transforms data to send to public or private blockchains.Read more: What Is Chainlink (LINK)?DTCC’s initiative aligns with the broader trend of adopting blockchain technology to modernize financial infrastructures. The ability to seamlessly deliver data on-chain opens up numerous possibilities for tokenized assets, smart contracts, and other blockchain applications. This pilot serves as a proof of concept that trusted data can be effectively integrated into blockchain networks, setting a precedent for future innovations in the industry.DisclaimerIn adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
