According to the report, the DTCC found that delivering structured data on-chain and creating standard roles and processes allowed foundational data to be embedded into various on-chain use cases, such as tokenized funds and 'bulk consumer' smart contracts, which hold data for multiple funds. The Chainlink trial demonstrated capabilities that support future industry exploration of tokenization, including applications like brokerage portfolio management. The report highlights real-time benefits such as automated data dissemination and built-in access to historical information.
“Based on these findings, we see an opportunity to potentially expand the scope of the pilot to explore how the technical capability leveraged in the pilot could power a broader range of use cases beyond the dissemination of price and rate data and across a greater number of blockchains,” the DTCC noted.
Chainlink and the DTCC have completed tests with JPMorgan, Templeton, and other major US banks to advance the tokenization of funds.
There have been similar trials in the past around the tokenization of real-world assets. The concept of tokenization is gaining popularity and is now a prominent use of blockchain technology. Tokenization offers benefits such as operational efficiencies, faster settlements, and increased transparency compared to traditional financial systems.
Major financial institutions including BlackRock and HSBC have begun exploring the concept of tokenization. With the growing reliance on blockchain technology in finance, tokenization is becoming an attractive option. Implementing this concept in major banks like Citi and JPMorgan Chase would be significant, demonstrating the advantages of tokenization.
Reference: Watcher Guru. (2024). Chainlink completes a pilot to accelerate fund tokenization. [online] Available at: https://watcher.guru/news/chainlink-completes-pilot-to-accelerate-fund-tokenization [Accessed 16 May 2024].
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