In a progressive move for the banking sector, Australia’s big four bank, fondly known as ANZ, is taking a significant stride towards embracing tokenized assets. The financial establishment has freshly accomplished a test transaction, teaming with the eminent Web3 services platform, Chainlink. The collaborative endeavor used the advanced integration of the bank’s digital asset services technology pile and Chainlink’s innovative Cross-Chain Interoperability Protocol (CCIP).
The introduction of CCIP marked a new era in the world of blockchain, allowing corporations to transfer data and value between the varying environments of public or private blockchains directly. The protocol first saw the light of day this past July, becoming available for preliminary access users on several potent blockchains like AVAX, ETH, Optimism (OP), and Polygon (MATIC).
In this revolutionary endeavor with Chainlink CCIP, ANZ simulated the purchase of a tokenized asset using its native stablecoin, A$DC, and an ANZ-issued NZ-dollar-denominated stablecoin. It’s noteworthy that A$DC, wholly collateralized by the Australian dollar, is redeemable at par with reserves stored in an ANZ-managed account.
ANZ firmly believes in adopting a ‘test-and-learn’ approach when plunging into decentralized networks. No stranger to such undertakings, in June, ANZ leveraged A$DC to purchase a digital avatar of Australian carbon credits involving the private investor Victor Smorgon Group. The bank finds such engagements highly educational, learning ‘valuable lessons’ and uncovering further untapped use-cases.
The current framework infers the continued endorsement of digital assets, resulting in a diverse array of assets across several blockchain networks. ANZ deems this recent collaboration as an ‘important milestone.’ Even though the technology frameworks are nascent, the bank is optimistic about future collaborations and is eager to participate in more industry-related work.
The bank acknowledges that such engagements are pivotal in understanding the feasibility of technical interoperability, forming the foundation for exploring customer-led transactions. Critics may question the efficiency and reliability of adopting such methods. However, pioneers like ANZ, with their positive ‘test-and-learn’ approach, demonstrate a vivid and practical picture of how the future with blockchain could indeed be hassle-free and secure.
Source: Cryptonews
