During Hong Kong FinTech Week, we interviewed Chainlink co-founder Sergey Nazarov and talked about not only blockchain, but also AI, of course.
Chainlink’s new tools
The Chainlink protocol released Blockchain Privacy Manager a few weeks ago, a tool used to make transactions even more private.
Along with this tool, Chainlink also recently announced CCIP, which performs cross-chain transactions that protect the privacy of senders and receivers, thanks to the fact that it can be combined with the aforementioned blockchain tool Privacy Manager.
CCIP stands for Chainlink Crosschain Interoperability Protocol and is the only protocol that connects Web3’s public blockchain and banks’ private DLT (distributed ledger technology).
Interview with Chainlink co-founder Sergey Nazarov at Hong Kong Fintech Week. Credit: Cryptographer
Chainlink and Swift: a close relationship
Chainlink has also started working with Swift, and a few days ago the integration of traditional payment systems and blockchain technology moved into production readiness.
In recent years, Chainlink has been working with SWIFT to establish a connection between traditional SWIFT messages and blockchain.
Nazarov explained that the system has moved from concept to prototype stage, allowing financial institutions to start testing it in the real world, stressing that the integration is now ready for use by institutional bodies.
Chainlink and the future of DeFi
With all these new tools, the company aims to build a kind of “Internet of Contracts” so that DeFi and traditional financial institutions can be integrated into a single world and increasingly faster. .
Among Chainlink’s many innovations is also Deco, a system that maintains on-chain data while preserving user anonymity thanks to zero proof of knowledge.
In fact, Chainlink has been working on this system for years and will soon make it publicly available in a test environment.
Relationship between blockchain and AI
At a press conference, co-founder Sergey Nazarov explained that the company uses three artificial intelligence (AI) models to generate transactions on the blockchain and compare the results. If the latter are the same, a consensus is reached and the data is sent to the blockchain.
To make this happen, Chainlink is working with Swiss banks UBS, Swift, and other companies.
This system solves the so-called unstructured data problem. This means indexing, archiving, searching, and managing data becomes a daunting task due to the lack of standardized formats.
