RWA Tokenization on Cardano and Ergo via Chainlink

Published 25.6.2024

The Palmyra Platform, utilizing the robust capabilities of Cardano and Ergo blockchains, is now equipped to tokenize real-world assets (RWA) by incorporating Chainlink's advanced technologies. The platform leverages the battle-tested reliability of Chainlink's decentralized Oracles and tokenization infrastructure. Since the project is open-source, the entire Cardano ecosystem can access and benefit from Chainlink's technological solutions.

Chainlink Technologies Available For Cardano and Ergo Ecosystems

Winter Protocol is an open-source project powered by Cardano and Ergo. It is a ready-to-use solution for traceability and tokenization. It offers a range of APIs and toolsets, designed to tailor traceability and tokenization solutions to diverse applications.

By integrating Chainlink Functions and Proof of Reserve, it is possible to bring IoT data on-chain to provide traceability for the supply chain process and publish accurate and reliable data about asset reserves.

Chainlink Functions is a serverless developer platform that enables the secure connection of the world’s APIs to Web3 applications. It allows smart contracts to fetch data from any API and perform custom computations using Chainlink’s decentralized and reliable network.

Chainlink Functions streamline integrating off-chain data and computations into blockchain applications, enhancing their capabilities and enabling new use cases in the decentralized space.

Chainlink Proof of Reserve (PoR) is a feature that provides smart contracts with the data needed to verify the collateralization of any on-chain asset backed by off-chain or cross-chain reserves. It operates through a decentralized network of oracles, enabling real-time, autonomous auditing of collateral.

Chainlink PoR is a critical tool for maintaining the integrity and trustworthiness of the cryptocurrency ecosystem by providing cryptographic guarantees of asset collateralization. It plays a vital role in bridging the gap between traditional finance and decentralized finance by bringing the transparency and security of blockchain to the verification of reserves.

Other projects building on Cardano and Ergo can now easily utilize Chainlink’s technology. Chainlink expands the possibilities for using blockchain in the commodity and finance sectors as it tackles complex technological challenges. The team can focus on their business logic and do not need to deal with a solution already addressed by Chainlink.

The partnership between zenGate and Chainlink

It is important to mention that Chainlink technology was brought to the Cardano and Ergo ecosystems by the partnership between zenGate and Chainlink. zenGate Global is a technology company building the Palmyra Platform. zenGate is dedicated to creating solutions that foster direct connections and facilitate growth in emerging markets.

Palmyra Platform was launched in 2023. The team managed to onboard Sri Lanka as the pioneer jurisdiction. Then followed by India, Nepal, Indonesia, and Zambia. The team is now in the process of onboarding producers from Kenya, Greece, Turkey, and other jurisdictions.


Related articles

Did you enjoy this article? Other great articles by the same author