Chainlink Labs, based in the United States, is a vendor of smart contracts on the blockchain. The company builds smart contracts applicable to numerous industries, including banking and financial services, Forex, aviation, meteorology, and insurance.
The most recent PwC research indicates that the prospective benefit of such smart contracts is enormous. In its ‘Time for Trust’ study, the business’s specialists discuss how blockchain technology has the ability to “change the world of business, economic procedures, and the community as a whole.”
“There is considerable opportunity for blockchains and smart contracts to change worldwide sectors.” However, technical hurdles such as insufficient safe connectivity between enterprise platforms and blockchains and the absence of interoperability between various on-chain systems have traditionally impeded the widespread use of corporate blockchains.”
Collaboration becomes necessary at this point. Gross stated, “As the most widely used blockchain middleware program in the Web3 environment, Chainlink streamlines blockchain technology for businesses and allows them to capitalize on its entire capability.”
“We are thrilled to equip companies with the expertise, integrations, and remedies they require to engage with the expanding blockchain economy in a frictionless and safe manner.”
Tokenization represents a few of the services that Chainlink Labs and PwC intend to concentrate on. This includes ecological credits, security tokens, and real estate tokenization. The decision comes amid rising interest in blockchain technology and tokenization. In Singapore, for example, JP Morgan and DBS Bank are evaluating permissioned systems on the public blockchain under the supervision of the Singapore Monetary Authority. In the meantime, a variety of institutions in the UAE are working on token-based services.
William Herkelrath, the director of business development at Chainlink Labs, stated that the Web3 firm is thrilled to be collaborating with PwC. Our collaboration will facilitate the safe integration of prevailing business applications to blockchain networks.
The partnership strengthens PwC’s expanding footprint in the blockchain arena. The company has already created a variety of blockchain-based solutions, such as Blockchain Explorer and Transaction Analyzer, Smart Contract Formal Verification Framework, Tokenization Framework, Travel Rule Integration, and Digital Asset Valuation Model.