The giant UBS company in Swiss Banking UBS succeeded in testing the Gold UBS KEY4 product on ZKsync, which is the Ethereum Layer-2 network.
This step sheds light on the increase in Blockchain technology adoption by traditional financial institutions that seek efficiency and security.
UBS ZKSYNC is Blockchain Golden Trading
On January 31, zksync I mentioned That UBS, which runs the assets of $ 5.7 trillion, is to explore how Blockchain can simplify gold investments.
The test focuses on allowing the bank’s Swiss customers to purchase material gold directly through a Blockchain system while ensuring expansion, privacy and inter -operation.
UBS Key4 Gold enables retailers to purchase breakage golden shares, offer prices in actual time, deep liquidity, and safe storage. The product works on the UBS Gold network, which is Blockchain without permission that connects cellars, liquidity providers and distributors.
To improve efficiency, UBS took advantage of the ZKSYNC ZKSYNC mode. It is a zero -knowledge solution that promotes expansion by storing data outside the chain.
As part of the concept, the bank has published smart contracts on the Validium test device to simulate the UBS Gold. These contracts facilitated the issuance of the distinctive symbol of gold and transaction processing.
“This POC reflects the continuous UBS efforts to explore how Blockchain can enhance its financial offers and support the wider digital asset strategy.
Testnet also reinforced privacy by restricting the vision of their participants in their transactions while maintaining verification mechanisms.
In addition, Stablecoin allowed to integrate with ETHEREUM, which makes purchases of the distinctive golden symbol more effective and developed.
Increased institutional interest in Blockchain solutions
The UBS test reflects a wider shift towards Blockchain’s dependence on traditional financing (Trafi). The bank has already explored the code by launching an investment fund in the ETHEREUM money -based money market.
UBS digital assets, Christophe Bouher indicated that the distinctive securities have great potential, but the ability to expand, privacy, and inter -operation are still obstacles. He highlighted that Zksync POC has offered how Layer-2 and zero knowledge technology can help in facing these challenges.
“This is another wonderful example of how UBS cooperates with technology providers to stay at the forefront of innovation. PUHR explained that POC with ZKsync showed that Layer 2 networks and ZK technology carry the ability to solve it.”
Alex Glucovsky, professionals participating in ZKsyNC, chanted this feeling as these initiatives show that the future of financing is on the chain.
According to him, the technique of zero knowledge will be like a Catalyst for innovation and providing a strong basis for symbolic origins, which can accelerate the approval of the Web3.
Disintegration
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