Research: ChainLink
As anyone who pays attention to hype knows, ChainLink is a crypto that seeks to solve the oracle problem. It will allow smart contracts on various networks to make payments, send governance instructions, and release collateral with banks. As most who have looked into ChainLink may also know, they will be presenting at the SIBOS conference on the 16th of October. link
All that being said, I’m not sure that many know the extent to which this is a big deal. If I am correct, 22 banks have signed onto Chain link’s proof of concept as of July 6, and there’s a very solid chance that (assuming they don’t drop the ball in a major way) ChainLink will become SWIFT’s go-to smart oracle for everything blockchain. I’m going to provide some evidence supporting that belief. According to link,
“Westpac has become the second Australian bank to join a proof-of-concept by payment messaging service Swift that aims to test blockchain for facilitating cross-border payments. It is one of 22 global banks to join the PoC today, adding to the six foundational banking participants, one of which is ANZ Bank.”
When I first saw this posted, many people (myself included) were dubious as to whether the article was referring to ChainLink on not. Notably, ChainLink, or SmartContract.com (the company making ChainLink) is not explicitly mentioned in the news article at all. So check this out. Here are some particularly relevant passages:
“Early July SWIFT announced that 22 global banks recently joined its Blockchain proof of concept (PoC) initiative introduced in January this year in collaboration with six leading correspondent banks (ANZ, BNP Paribas, BNY Mellon, RBC Royal Bank and Wells Fargo). The PoC is part of SWIFT’s ‘gpi’ (global payments innovation) service, the new standard for cross-border payments, aimed to ‘re-arm the correspondent banking system for a new age of technological disruption’. This Blockchain PoC initiative is designed to explore whether blockchain technology can help banks to improve the reconciliation of their international nostro accounts in real-time, optimizing their global liquidity. If so, that would be a break through event for both SWIFT and blockchain.”
Okay, nothing new here so far, just repeats from the first article, but here’s the juicy part…
“Moving forward, the SWIFT PoC Blockchain application will undergo testing, with the results scheduled to be published in September and presented at Sibos in Toronto in October. Working independently of the founding banks, the 22 institutions will act as a validation group to test in a deeper way the PoC’s Blockchain application, that is currently under development by SWIFT and the group of six founding banks. They will evaluate how the technology scales and performs.”
Now take that information, and apply this context:
“SmartContract.com has already acquired industry leaders in financial technology as paying customers for its revolutionary blockchain middleware technology. SWIFT, the leading global provider of secure financial messaging services, is working with the company to create its own SWIFT Smart Oracle, which will allow smart contracts on various networks to make payments, send governance instructions, and release collateral with more than 11,000 banks. After completing a successful phase 1 implementation in May, the details of which are set to be announced at the upcoming SIBOS conference, SWIFT has continued to work with SmartContract.com towards a Phase 2 Implementation.”
And this
“SmartContract.com will present a live demo of a Proof of Concept where a DLT platform manages ISO 20022-compliant bond instruments, while an ISO 20022-aware Smart Oracle settles coupon payments off-ledger through ISO 20022 payment messages over SWIFT.
Aaaand this
“Interbank messaging platform Swift has completed a blockchain proof-of-concept in partnership with startup SmartContract. The proof-of-concept, revealed today, is the first project to use SmartContract’s ChainLink v1.0, which lets users connect smart contracts to data feeds, web APIs and a number of payment methods. While few details about the project have been released, SmartContract founder Sergey Nazarov told CoinDesk: 'We have successfully completed a phase one PoC with Swift, and are in active conversations about how to move further with the work we've done.' The news coincides with the startup's rebranding of the ChainLink product, which was previously titled SmartContract Oracle.”
It looks very much like ChainLink IS the PoC mentioned above, and that there may be great things to come
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