Bank AI

Chainlink

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 <li>BofA explains that Oracle networks will play a crucial role in verifying assets as we proceed toward the tokenization of traditional assets.</li> 
 <li>It also explains the role of Oracle networks for smart contract-enabled programmable payments for banking, CBDCs, and private sector use cases.</li> 
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 With the growing adoption of blockchain technology, the demand for decentralized oracles services has been growing. As a result, Chainlink’s oracles services have been in demand as they facilitate the fast and swift transfer of funds and data across different blockchain platforms. 
 In its latest report, Bank of America talks about the future of asset tokenization and how Chainlink (LINK) can play a crucial role in powering on-chain finance. Bank of America added that Oracle networks are essential for new types of digital platforms and technologies like tokenizing traditional assets. These platforms, such as blockchains and decentralized applications, rely on Oracle networks to access real-world information. 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 "We view oracle networks as critical for next-generation DLT/BCT use cases like the tokenization of traditional assets." 
 This new <a href="https://twitter.com/BankofAmerica?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@BankofAmerica</a> report explores the future of asset tokenization &amp; highlights <a href="https://twitter.com/hashtag/Chainlink?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Chainlink</a>'s role in powering on-chain finance: <a href="https://t.co/YVkmY1jMU9" rel="noopener noreferrer nofollow">https://t.co/YVkmY1jMU9</a> <a href="https://t.co/H5Ws9VGUq3" rel="noopener noreferrer nofollow">pic.twitter.com/H5Ws9VGUq3</a> 
 — Chainlink (@chainlink) <a href="https://twitter.com/chainlink/status/1680700585648201729?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 16, 2023</a> 
 </blockquote> 
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 This can include data like market prices, time, weather, location, ownership records, election results, and creditworthiness. Connecting a blockchain to real-world data may seem straightforward, but ensuring that the data is decentralized and secure is a complex task. In its report, the banking giant noted: 
 <blockquote> 
 We expect issuances of traditional assets in tokenized form to become the norm, but traditional assets and markets won‘t disappear overnight and some assets like gold&nbsp;and real estate&nbsp;are physical.&nbsp; 
 Investors&nbsp;are likely&nbsp;to verify&nbsp;through oracle&nbsp;networks&nbsp;that&nbsp;an asset exists and is held by a custodian before buying a token representing&nbsp;ownership of that asset. Without the ability to verify an asset‘s existence, our view is&nbsp;that&nbsp;tokenization of pre-existing traditional assets would likely see&nbsp;adoption&nbsp;headwinds. 
 </blockquote> 
 <h3 id="use-of-oracle-networks-for-banking-cbdcs-and-private-sector">Use of Oracle Networks for Banking, CBDCs, and Private Sector</h3> 
 Earlier this year, Chainlink co-founder Sergey Nazarov said banks recognize the importance of having a common connectivity layer across different blockchains to facilitate their adoption of on-chain finance. This layer will serve as a crucial foundation for accessing multiple blockchains seamlessly. 
 On the other hand, some of the top economies have seriously undertaken the work associated with launching their central bank digital currencies (CBDCs). These smart-contract-enabled CBDCs will be useful for making programmable payments on pre-defined conditions. 
 The innovation lies in using smart contracts on distributed ledgers to facilitate these programmable payments. Instead of relying on APIs in current fragmented systems, smart contracts on a distributed ledger offer a wider range of programmable payment options. With smart contracts, transactions of tokenized assets can be conducted without the need for trust, and they can incorporate a broader range of conditions using Oracle networks, which is not possible with the limited and non-interconnected legacy systems in use today. 
 Furthermore, decentralized oracle networks like Chainlink have helped private sector players to monetize their data in the form of data feeds. For e.g. AccuWeather and the Associated Press earn money by providing their data on Chainlink’s decentralized oracle network. AccuWeather’s weather data is used in decentralized parametric insurance products that farmers can buy to protect themselves from the impact of severe weather conditions.
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Bank of America’s Groundbreaking Report Reveals: Chainlink Paving the Way for Asset Tokenization and On-Chain Finance

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