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 Ethereum-based Oracle Chainlink has<a style="color: #0000ff;" href="https://blog.chain.link/ccip-private-transactions-blockchain-privacy-manager/#:~:text=CCIP%20Private%20Transactions%20works%20by,as%20they%20are%20processed%20on" rel="noopener noreferrer nofollow"> introduced</a> new privacy-preserving technology designed to help financial institutions protect sensitive data during blockchain transactions.
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On October 22, Chainlink launched two major features aimed at facilitating blockchain adoption in the financial sector while ensuring end-to-end data privacy.
The new offerings include the Blockchain Privacy Manager, which allows financial institutions to integrate private chains with the public Chainlink platform, and CCIP Private Transactions, an encryption protocol that ensures privacy during cross-chain transactions.
<a href="https://twitter.com/chainlink/status/1848576786067820702?t=VrQXKjGvssrVCrFn17CUDA&amp;s=19" rel="noopener noreferrer nofollow">According to</a> Chainlink, one of the first to pilot this technology is Australia and New Zealand Banking Group (ANZ Bank). The bank plans to use Chainlink’s Blockchain Privacy Manager for cross-chain settlements of tokenized real-world assets as part of the Monetary Authority of Singapore’s tokenization initiative, known as Project Guardian. By using Chainlink’s platform, institutions like ANZ can connect private chains to both public and private blockchains, enabling seamless integration of traditional finance systems with blockchain technology.
The CCIP Private Transactions feature further allows institutions to encrypt sensitive data—such as token amounts and counterparties—when executing transactions across multiple private chains. Chainlink emphasized that the lack of secure cross-chain privacy has been a major obstacle for financial institutions seeking blockchain adoption while adhering to stringent data protection regulations, including Europe’s General Data Protection Regulation (GDPR).
Sergey Nazarov, co-founder of Chainlink, highlighted the importance of privacy for institutional blockchain adoption, stating, 
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 “Privacy is a critical requirement for most institutional transactions.” 
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Nazarov expressed optimism that Chainlink’s new technology will accelerate blockchain adoption by addressing privacy concerns.
This development follows<a href="https://defi-planet.com/2024/10/ida-finance-partners-with-chainlink-to-enhance-security-and-accessibility-for-hkd-backed-stablecoin/" rel="noopener noreferrer nofollow"> Chainlink’s partnership with IDA Finance,</a> a Hong Kong-based digital asset issuer, to integrate Chainlink’s services into the upcoming HKDA stablecoin, backed by the Hong Kong dollar. The collaboration will include Chainlink’s Proof-of-Reserves (PoR) technology, enhancing transparency and security for the fiat-backed stablecoin.
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The post <a href="https://defi-planet.com/2024/10/chainlink-unveils-private-blockchain-transactions-for-institutions/" rel="noopener noreferrer nofollow">Chainlink Unveils Private Blockchain Transactions for Institutions</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Chainlink Unveils Private Blockchain Transactions for Institutions

DeFi Planet

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