The Depository Trust & Clearing Corporation (DTCC) has successfully completed its Smart NAV pilot, utilizing Chainlink's technology to enhance its Mutual Fund Profile Service I (MFPS I). This initiative aims to bring reliable data to blockchain ecosystems, enabling more efficient data distribution and consumption.
DTCC's Smart NAV pilot is a significant milestone in integrating blockchain technology into financial services. By leveraging Chainlink's Cross-Chain Interoperability Protocol (CCIP), DTCC was able to transform and transmit price and rate data across multiple blockchain networks. This approach allows for seamless integration of mutual fund data into blockchain-based applications.
The pilot demonstrated several key capabilities. It validated a model for using onchain data in user interfaces and applications, automated data routing through smart contracts, and promoted a standardized approach to prevent future fragmentation. Chainlink's CCIP played a crucial role in these advancements, offering a solution for cross-chain data transmission.
Participants in the pilot, including American Century Investments, BNY Mellon, and JPMorgan, showcased the broad industry interest and collaboration among financial giants. They reported benefits such as reduced manual processes and the potential for new, blockchain-enabled financial products.
The publication of the pilot report led to a significant increase in the value of Chainlink's native token, LINK. Over the past week, LINK has risen 21% against the U.S. dollar, with a notable spike after the report's release on May 16.
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