ANZ Bank Joins Project Guardian
ANZ Bank, one of Australia’s ” Big Four ” banks has become the first Australian bank to join Project Guardian. This program is led by the Monetary Authority of Singapore. This project has its objective to use blockchain to represent real-world assets as digital tokens. This project is formed on collaboration between Chainlink Labs and ADDX. ANZ will test the ability of computer systems to exchange and make use of the information of those digital tokens on a private blockchain.
Exploring Tokenized Assets and Blockchain Interoperability
ANZ is borrowing Chainlink’s cross-chain ability to profit from the exchange of tokenized assets, such as commercial paper. This project runs on a platform already established by other successful organizations like Swift’s. Tokenization allows real-world traditional assets to be represented digitally making it several times easier to trade on blockchain networks. However, this does come with a great challenge which is Interoperability (This is the ability of computer software to exchange and make use of provided information) between different blockchain networks. ANZ directs this issue by providing a better-decentralized network.
Paving the Way for Digital Finance Innovation
ANZ is venturing into the digital market to help customers navigate the evolving landscape of the blockchain ecosystem. The bank’s participation in Project Guardian represents its positive outlook towards the new digital age. This action just causes a domino effect and later in the future, we might see even more banks being involved in such programs.