Hdac Technology has announced its partnership with Chainlink (LINK), an open-source smart contract technology, to bring decentralized oracles to its enterprise blockchain, in order to overcome its Oracle Problem.
It is difficult to falsify data on blockchain because it’s a technology that stores data in a distributed ledger and computes via a decentralized network.
Nevertheless, a blockchain connected to a non-blockchain network or external system for the purpose of using that data in blockchain applications has little or no reliability.
The Oracle Problem being talked about here is the reliability issue that plays out when attempting to source and deliver data from outside the blockchain and use it for computations inside the blockchain.
Chainlink announced the new development via its official Twitter handle a couple of hours ago. This recent partnership is one of the partnerships and integrations sealed by Chainlink in recent times. And all these collaborations and integrations keep exposing the use cases embedded in Chainlink to the world.
“Chainlink is partnering with Hdac Technology to bring decentralized oracles to its enterprise blockchain. The Hdac blockchain, founded by Dae-Sun Chung of the Hyundai family, will leverage Chainlink oracles to enable IoT & other off-chain data for on-chain usage,” Chainlink shared.
Chainlink is partnering w/ @hdactech to bring decentralized oracles to its enterprise blockchain. The Hdac blockchain, founded by Dae-Sun Chung of the Hyundai family, will leverage Chainlink oracles to enable IoT & other off-chain data for on-chain usage. https://t.co/6EbCsUBveS
— Chainlink – Official Channel (@chainlink) March 11, 2020
The Benefit of the Partnership between Hdac Technology and Chainlink (LINK)
Hdac sealed a partnership with Chainlink (LINK) to overcome the Oracle Problem illustrated above. The two companies will join hands to develop a system that securely and reliably sources, filters, and delivers off-chain data created by IoT services and other networks to Hdac’s blockchain-based DApps.
Chainlink is a leading open-source smart contract technology that presently provides decentralized oracle solutions to the likes of Google, SWIFT, and others.
The Chainlink’s decentralized oracle middleware solution eliminates central points of failure by verifying off-chain data with the use of an aggregation of multiple validating partners.
Chainlink’s decentralized oracle middleware solution enables Hdac’s blockchain-based to securely access off-chain data and communicate with external networks, such as web data, IoT services, and other blockchains.
It also connects existing legacy systems to emerging blockchain networks without having to recreate non-blockchain infrastructure.
Conclusively, through the partnership with Chainlink, Hdac can now secure data integrity for blockchain-based DApps and IoT services. It’s also capable of developing different real-life use cases with verified off-chain data.