According to Cointelegraph, the development firm behind the Chainlink protocol and its native (LINK $7.10) token went live with its cross-chain protocol. It is expected that this might help to provide interoperability between traditional financial firms and both public and private blockchains.
With insights from a post made on July 14,2023, on the Chainlink blog, Kemal El Moujahid, chief product officer, Chainlink Labs, a blockchain platform, announced the launch of its Cross-Chain Interoperability Protocol (CCIP) under early access on Ethereum, Avalanche, Polygon, Arbitrum and Optimism, Cointelegraph added.
It is believed that Cross-Chain Interoperability Protocol (CCIP) is an interoperability protocol which allows enterprises to share data and value between public or private blockchain environments directly from their backend systems, Cointelegraph highlighted.
Furthermore, “Just like key standards such as TCP/IP remade a fragmented early internet into the single global internet we all know and use today, we are making CCIP to connect the fragmented public blockchain landscape and the growing bank chain ecosystem into a single Internet of Contracts,” Sergey Nazarov, co-founder, CEO, Chainlink, told Cointelegraph.
(With insights from Cointelegraph)