On 22 October, Chainlink introduced a new privacy technology called CCIP Private Transactions. This solution will allow financial institutions to connect their private blockchains with other networks. Long-standing privacy problems that have kept many financial institutions from utilizing blockchain technology to its full potential are addressed by the new functionality, which is enabled by Chainlink’s Blockchain Privacy Manager.

The Australia and New Zealand Banking Group (ANZ) is among the first organizations to use the platform, according to Chainlink. Institutions that use the Blockchain Privacy Manager can set individual privacy settings for each transaction. They can hide sensitive information, such as personal data, token amounts, and counterparties, while selectively disclosing other details on the network.

Chainlink has unveiled Sandbox for DECO, a privacy-preserving data verification solution, in addition to Privacy Manager. DECO protects blockchain participants’ anonymity by utilizing zero-knowledge proofs (ZKPs) and pre-existing web infrastructure. DECO is currently undergoing testing, however, Chainlink intends to release the platform to the public.

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