Johann Wilfred
As part of an exploration among the Reserve Bank of Australia and Digital Finance CRC for the digitalization of money, Chainlink has announced the implementation of its Chainlink Runtime Environment model in a joint initiative called Project Acacia.
As per a Westpac report, Project Acacia will explore the possibilities of a Central Bank Digital Currency enabling wholesale transactions through settlement assets with no risk attached to them. The Digital Finance Co-operative Research Centre will play a major role in shaping the project,
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“Westpac is helping the RBA explore what digital currencies could look like in the real world, while giving our customers access to new payment options safely and securely…We’re delighted to be selected to participate in this project. It’s a great example of collaboration across our business, technology and strategy teams and a proud moment driving innovation in financial infrastructure and real-time payments”, said Jeff Byrne, Managing Director of Global Transaction Services at Westpac Institutional Bank.
The Chainlink Runtime Environment model will help to create compliant DvP (Delivery vs Payment) settlement of tokenized assets for Australia’s Payto system. Estimates from Australia’s Central Bank project savings for asset issuers from tokenization to be approximately 12 billion Australian dollars.
For the project, 24 use cases have been identified, with 19 involving real money and real asset transactions, and 5 being used for simulated transactions.
