DTCC Develops Smart NAV Pilot Using Chainlink for Fund Tokenization Acceleration
Friday, 17 May 2024, 08:20
DTCC, Chainlink Successfully Complete a Pilot Project to Accelerate Fund Tokenization
DTCC's 'Smart NAV' pilot, using Chainlink's CCIP, successfully integrated structured data on-chain, enabling tokenized funds and smart contracts, with real-time, automated data dissemination.
The data obtained will only be available for customer consumption, it is not public.
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, a critical metric for mutual funds.
- The system disseminates and automates data in real time while integrating access to historical data, transforming legacy formats to modern structures.
- Upon obtaining the data, the system includes it in a blockchain transaction after converting it from 'legacy' file-based formats.
- DTCC acts as the 'solution governor' to secure the data within the chain.
Meanwhile, Chainlink's CCIP handles the delivery routing to relevant blockchain networks.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.