2024-10-23 17:20 |
Attention has turned to a possible LINK price breakout especially following today’s announcement by Chainlink introducing two cutting-edge features designed to enhance confidentiality in institutional transactions, marking significant advancements in blockchain privacy for financial institutions.
These innovations are part of Chainlink’s continued effort to facilitate the seamless adoption of blockchain technology while ensuring compliance with privacy and regulatory standards.
Chainlink launches Blockchain Privacy ManagerThe first of Chainlink’s new tools is the Blockchain Privacy Manager.
This system allows private blockchains to connect with the public Chainlink platform without compromising sensitive data.
Financial institutions, particularly banks, can now integrate their private, secure environments with broader blockchain networks while maintaining full control over transaction details.
This technology is expected to provide a critical bridge between private and public systems, offering institutions the best of both worlds: security and connectivity.
Introduction of private transactions in Chainlink’s CCIPThe second major feature that has been introduced is Chainlink’s Cross-Chain Interoperability Protocol (CCIP) Private Transactions.
This privacy-preserving encryption tool enables financial institutions to perform cross-chain transfers while ensuring that sensitive information, such as token amounts, counterparties, and transaction details, remains confidential.
The technology guarantees that only authorized parties can access transaction data, helping institutions comply with strict regulatory requirements.
Australia and New Zealand Banking Group (ANZ), one of the largest banks in the region, will be the first to test Chainlink’s new privacy tools as part of Singapore’s Project Guardian.
Chainlink@chainlink·FollowWe’re excited to announce CCIP Private Transactions, enabling financial institutions to connect private blockchains to the multi-chain economy. Australia and New Zealand Banking Group (ANZ) will be among the first financial institutions to pilot the capability for cross-chain…
9:37 am · 22 Oct 20241.6KReplyCopy linkRead 69 repliesThis initiative focuses on the cross-chain settlement of tokenized real-world assets, such as property or stocks.
ANZ will leverage Chainlink’s Blockchain Privacy Manager to securely link its private blockchain with the public Chainlink network, facilitating the secure and efficient settlement of these tokenized assets.
Nigel Dobson, banking services lead at ANZ, noted, “Chainlink’s new cross-chain privacy capabilities have the potential to further accelerate institutional blockchain adoption by enabling end-to-end privacy between blockchain networks.”
LINK price breakout potentialLINK’s price, which has been in a descending parallel channel since reaching a yearly high in March, hit a low of $8.08 on August 5 before rebounding.
Source: TradingViewTechnical indicators suggest a potential breakout from the current channel, as the Relative Strength Index (RSI) has broken its resistance trend line and the Moving Average Convergence Divergence (MACD) is showing signs of a bullish cross.
If LINK breaks out from the channel, the next resistance is expected at $18.50. Analysts predict that a successful breakout could see LINK reach as high as $26.14, representing a 120% increase.
As Chainlink continues to innovate in privacy technology, the positive sentiment around its new tools may further bolster its market performance, making LINK a cryptocurrency to watch closely in the coming months.
The post Chainlink's LINK set for surge as banks tap into private blockchain transactions appeared first on Invezz
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