- Chainlink’s integration provides Canton Network with essential data and cross-chain services, boosting institutional adoption of blockchain.
- Chainlink’s super validator role strengthens Canton Network’s governance, ensuring smooth cross-domain transactions and network resilience.
- Canton Network’s growth, supported by top financial institutions, accelerates the adoption of blockchain for tokenized financial assets and stablecoins.
Chainlink has entered into a strategic partnership with the Canton Network, a blockchain designed for regulated financial markets, aiming to improve decentralized data services and cross-chain interoperability. This collaboration marks a significant step in broadening blockchain adoption by financial institutions, providing them with crucial infrastructure for institutional use cases.
Within this collaboration, Chainlink will incorporate its superior solutions into the Canton Network. This also entails data stream addition, proof of reserve, NAVLink, and cross-chain interoperability protocol (CCIP). These services will elevate the capabilities of the network in order to realize secure and efficient transactions over the network by the institution and keep transactions compliant with financial regulations.
Moreover, the Canton Network is a part of the Chainlink Scale program that reimburses the operational expenses of Chainlink oracle nodes. With this program, Canton Network can provide the correct information, in a timely manner, to blockchain applications to facilitate transparency as well as enhance functionality.
Chainlink Takes a Leading Role as a Super Validator
In another major move, Chainlink Labs will assume the role of a super validator within the Canton Network. This position combines a domain validator with a Canton synchronizer node to guarantee smooth synchronization across blockchain domains. As a super validator, Chainlink will contribute to strengthening the network’s governance and resilience, ensuring seamless cross-domain transactions and reinforcing the network’s integrity.
The Canton Network has grown at a very fast pace since its debut in May 2023, with financial powerhouses such as Goldman Sachs, BNP Paribas, and Microsoft joining the network. The net can now process in excess of 280 billion in repurchase agreements daily and tokenize in excess of 6 trillion. The infrastructure of the network is backed by more than 500 validators, which support secure and reliable transactions of institutions.
The collaboration with Chainlink will also lead to the faster development of the Canton Network. Canton Network will provide better means of tokenizing assets such as bonds and equities with the help of Chainlink blockchain services and the opportunity to use stablecoins as a means of payment. Moreover, the interoperability solutions offered by Chainlink on cross-chain will enable the transfer of assets on various blockchain interfaces to be made easier.
