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Chainlink and Backed Secure Real-World Assets

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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.

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Chainlink Boosts World Tokenization

This collaboration places a strong emphasis on real-time verification, eliminating the uncertainty often associated with asset tokenization platforms that rely on periodic audits.
Investors will be able to verify the solidity of their holdings at any time, maintaining a 1:1 ratio with the underlying assets, which may include stocks or exchange-traded funds (ETFs).
Reserve information is updated daily, and if there is a 10% change in reserve volume, this information will be dynamically available on Backed’s website and on the blockchain for public viewing.
The integration of Chainlink into the Backed platform not only enhances investor confidence but also sets a new standard in real-world asset tokenization.
Investors will no longer have to wait for periodic audits to ensure the adequacy of their assets. This promises to boost the growth of Backed and the appeal of asset tokenization, making investors feel more secure and comfortable.
The collaboration between Backed and Chainlink represents a milestone in real-world asset tokenization. Real-time security and transparency could change how investors interact with tokenized assets, paving the way for greater adoption and trust in this form of investment.