Backed, a platform specialized in the tokenization of real-world assets, has announced its collaboration with Chainlink. This partnership aims to enhance transparency and security on the Backed platform by integrating Chainlink’s Proof of Reserve (PoR) system.
On October 26, Backed introduced its integration of Chainlink’s Proof of Reserve. This innovation allows users to independently verify the adequacy of collateral reserves in real-time.
Chainlink’s PoR utilizes a network of decentralized oracles to validate that the real-world assets supporting Backed’s tokens, known as bTokens, are fully collateralized.
This validation is facilitated by The Network Firm, an operator of an auditing API that provides crucial data updated every 10 minutes, offering a high level of real-time assurance.