- Chainlink integrates data services to strengthen the Canton Network’s institutional blockchain.
- Super Validator role boosts Canton’s security and cross-domain interoperability.
- Canton Network expands, processing $280B daily with backing from global financial giants.
Chainlink has partnered with Canton Network, an institutional blockchain designed for regulated financial markets, to integrate decentralized data services and cross-chain interoperability solutions. This collaboration aims to improve the adoption of blockchain by financial institutions.
Through this partnership, Chainlink will provide the Canton Network with the necessary infrastructure to support institutional use cases, including tokenised assets, stablecoins, and digital identity management.
Partnership Strengthens Blockchain Infrastructure for Institutions
The Canton Network has integrated Chainlink’s set of solutions to improve its data services and cross-chain functions. As part of the partnership, Chainlink’s data streams will be added to the Canton Network, along with SmartData solutions like Proof of Reserve and NAVLink, as well as the Cross-Chain Interoperability Protocol (CCIP).
The addition of these services helps ensure that institutions can perform transactions securely and efficiently on the network in line with the requirements for them to comply with regulatory standards for financial services.
In addition, Canton Network has joined the Chainlink Scale program. This program helps cover the operational costs of Chainlink’s oracle nodes, which deliver essential information to blockchains to ensure they stay accurate and timely. By leveraging Chainlink’s infrastructure, Canton Network will increase its functionality and transparency and drive the adoption of tokenized financial assets. This will also open up new opportunities for collaboration within the traditional and decentralized finance sectors.
Chainlink Becomes Super Validator in Canton Network’s Governance
Chainlink Labs will join the Canton Network as a super validator, which combines a domain validator and a Canton synchronizer node to ensure smooth cross-domain transaction synchronization. This role is critical in ensuring the integrity of the Canton Network and ensuring interoperability between different blockchain domains.
Furthermore, Chainlink’s role as a super validator strengthens the network’s consensus and resilience. It positions Chainlink as a key player in Canton’s governance, working alongside other important validators. This teamwork helps the network function smoothly and securely. Additionally, the partnership boosts Canton Network’s reputation as an excellent blockchain choice for large-scale, regulated financial applications.
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Canton Network Gains Global Backing
Since launching in May 2023, Canton Network has attracted backing from top global financial institutions like Goldman Sachs, BNP Paribas, and Microsoft. The network has grown substantially, managing over $280 billion in daily repurchase agreements and securing over $6 trillion in tokenized assets.
In addition, more than 500 validators and 30 super validators support Canton’s ecosystem. These validators secure the network’s expansive infrastructure and ensure the integrity of its on-chain transactions.
The integration of Chainlink’s services is expected to promote further growth by equipping financial institutions with the necessary tools to adopt blockchain technology while maintaining privacy and compliance.
Chainlink’s infrastructure will improve Canton Network’s capabilities and increase the number of financial applications that can be developed on the platform. This includes better tokenization of assets such as bonds and equities, and the use of stablecoins for payments and settlements. Moreover, Chainlink’s cross-chain interoperability will make asset transfers between different blockchain platforms much easier, helping Canton work more efficiently.
