Chainlink Powers DTCC’s Smart NAV Pilot for Blockchain-Based Mutual Fund Information
DTCC has completed its Smart NAV pilot with success, utilizing Chainlink technology to bolster its Mutual Fund Profile Service I (MFPS I).
This initiative is designed to streamline data dissemination and consumption within blockchain ecosystems. Ensuring trusted data accessibility. By leveraging Chainlink’s Cross-Chain Interoperability Protocol (CCIP). DTCC enabled the seamless transmission of price and rate data across various blockchain networks, fostering a chain-agnostic environment for mutual fund data integration. Notable industry players such as American Century Investments, BNY Mellon, and JPMorgan participated in the pilot. Showcasing widespread industry interest and collaboration.
The pilot’s achievements include validating onchain data usage models, automating data routing through smart contracts, and promoting standardized approaches to prevent fragmentation. This successful collaboration has led to reduced manual processes, potential for new blockchain-enabled financial products, and a notable surge in Chainlink’s native token, LINK, following the pilot report’s publication.
Clever Robot News Desk 21st May 2024
