Chainlink's LINK Token Surges to Highest Point Since Late September as Oracle Network Introduces Privacy-Focused Technology

Chainlink's LINK token has surged to its highest point since late September, driven by the Oracle network's introduction of a privacy-focused technology

Chainlink (LINK) has surged to its highest point since late September, following the Oracle network’s introduction of a privacy-focused technology that aids financial institutions.

According to data from CryptoSlate, LINK’s price peaked at $12.16 before dipping slightly to $12.01 at press time. The token has risen by about 6% this month and 4% over the past seven days.

The token currently ranks among the top 15 digital assets, with a market capitalization of around $7.5 billion.

Chainlink Launches CCIP Private TransactionsOn Oct. 22, Chainlink unveiled Cross-Chain Interoperability Protocol (CCIP) Private Transactions, a new solution that enables financial institutions to connect their private blockchains with other chains.

The platform aims to resolve the ongoing issue of secure cross-chain privacy, which has been a barrier to regulatory-compliant blockchain interactions for financial institutions.

Chainlink announced that Australia and New Zealand Banking Group (ANZ) is among the first institutions to adopt the platform. This will facilitate cross-chain tokenized real-world assets (RWAs) settlements under Singapore’s Project Guardian, which is led by the Monetary Authority of Singapore (MAS).

Chainlink’s Blockchain Privacy Manager is set to power the new technology. The Manager allows private blockchains to use CCIP to connect with other networks, including public and private blockchains, external data sources, and traditional financial systems, while maintaining transaction privacy.

Institutions using the Blockchain Privacy Manager can set specific privacy parameters for each transaction. They can hide sensitive information, such as private data, token amounts, and counterparties, while selectively revealing other on-chain details.

Nigel Dobson, ANZ’s Banking Services Lead, noted that the platform addresses the long-standing privacy challenges in institutional blockchain transactions. He added that this advancement could accelerate blockchain adoption among financial institutions.

“The launch of private transactions across chains is a critical step towards enabling financial institutions to use public blockchains at scale,” said Chainlink Co-founder Sergey Nazarov.

“So far, the blockchain industry has not provided the level of privacy necessary for these institutional transactions to move forward successfully, limiting the growth of the entire industry. Now that private transactions across chains are possible, we expect an even greater influx of institutional adoption of blockchains, CCIP, and the Chainlink standard in general.”

In addition to the Privacy Manager, Chainlink has also introduced a Sandbox for DECO, a privacy-preserving data verification system.

DECO uses zero-knowledge proofs (ZKPs) and existing web infrastructure to ensure the privacy of blockchain participants. While DECO is still being tested, Chainlink plans to make the platform accessible publicly.

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