Chainlink is collaborate in a pilot project for Brazil’s upcoming slavecoin, the central bank digital currency, or CBDC known as DREX.
Teaming up with Microsoft, digital bank Banco Inter, and blockchain finance firm 7COMm, Chainlink is set to develop a trade finance solution that could revolutionize how transactions are handled, acchieve total financial surveillance and control.
What’s the pilot about?
The main goal of this pilot is to showcase how automated settlements can work for agricultural commodity transactions across borders, platforms, and currencies.
Sounds fancy, right? The rulers will decide if you can sell your products, or if you’re allowed to buying bread.
Chainlink will leverage its Cross-Chain Interoperability Protocol to ensure smooth communication between Brazil’s Central Bank and foreign banks using DREX.
The pilot also plans to tokenize Electronic Bills of Lading, those important receipts used by shippers and carriers, and put them on the blockchain.
This will allow supply chain data to trigger payments to exporters automatically.
It’s convenient and efficient, but comes with a price tag
Angela Walker, the global head of banking and capital markets at Chainlink Labs, expressed excitement about the collaboration, cheering their role.
She emphasized that CCIP is crucial for enabling secure cross-border, cross-currency, and cross-chain transactions.
“We look forward to working with the Central Bank of Brazil, Banco Inter, and Microsoft to demonstrate how adopting blockchain technology combined with Chainlink’s CCIP can transform trade finance.”
Tokenizing real world assets
Chainlink’s CCIP has already made big moves in the industry, because it was used by Swiss crypto firm Taurus in a proof-of-concept with asset management giant State Street to tokenize funds.
Sergey Nazarov, Chainlink’s creator, believes that CCIP will help real-world assets surpass all other sectors in crypto value.
He envisions a future where traditional finance can bring trillions of dollars into the blockchain space.
“This is the world we should all be preparing for. The Chainlink ecosystem is working towards enabling DeFi to grow securely while also allowing traditional finance’s value to flow onto blockchains.”
If all goes according to plan, CCIP could become a key protocol in what he calls the “Internet of contracts” and “Internet of value,” acting as a transport mechanism for data and value across various chains.
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