This significant price increase follows the completion of a pilot project by the Depository Trust and Clearing Corporation (DTCC), the world’s largest securities settlement system, in collaboration with blockchain oracle Chainlink and several prominent financial entities in the United States.

Enabling trusted data on multiple networks

Smart NAV’s primary objective was to enable the trusted and verifiable data necessary for business workflows to be accessible on multiple blockchain networks. DTCC acted as the data provider and the governor of the on-chain solution storing this data, while Chainlink’s CCIP served as the critical interoperability layer.

The capabilities explored during the pilot are expected to be applicable across a wide range of use cases, potentially enhancing operational processes across industries. This successful implementation has prompted discussions about expanding the pilot’s scope to explore additional use cases beyond data dissemination, potentially involving a greater number of blockchain networks.