CenterPrime Shares Decentralized FX Data From Top Korean Banks to Chainlink
CenterPrime, a private Hyperledger based chain with unique access to the Korean open banking API, is sharing foreign exchange rate data from top Korean banks including Hana Bank, Shinhan Bank, Nonghyup Bank, and Industrial Bank of Korea (IBK) to Chainlink’s decentralized oracle network.
This integration with Chainlink marks a major breakthrough for the Korean fintech industry. For the first time in history, applications will be able to access decentralized foreign exchange rates compiled by the best banks in Korea. Projects will be able to access high quality Korean bank sourced exchange rates in the local currency KRW. This opens the floodgates for a massive expansion in blockchain-based fintech applications operating cross-border and DeFi applications building homegrown products priced in the local currency KRW.
After extensive research into the best methods of provisioning decentralized KRW-denominated exchange rates for use in Korean Fintech and DeFi, we identified Chainlink’s Price Reference Contract model as the best solution in the market, providing both highly secure infrastructure and an open framework that can satisfy all the different stakeholders. Chainlink has extensive experience building decentralized data feeds, having already created numerous decentralized price reference networks that secure over a billion dollars in value for many leading DeFi applications.
Chainlink also all works with large enterprises such as Google, Oracle, and SWIFT. In addition, the World Economic Forum (WEF) recently selected Chainlink as one of its ‘Technology Pioneers’ for 2020 — a collection of the world’s top “early to growth-stage companies from around the world that are involved in the design, development and deployment of new technologies and innovations, and are poised to have a significant impact on business and society.”
Chainlink is the standard in the blockchain industry for providing smart contracts with external connections to real-world data and traditional infrastructure using blockchain middleware known as ‘oracles’. One of the great values of Chainlink’s decentralized oracle network is that it provides a network for validating external data before it’s used to trigger a smart contract. This ensures that data is accurate and resistant to manipulation, bringing strong security and reliability guarantees to smart contracts consuming data from sources outside the blockchain. Without data validation, smart contracts are prone to numerous errors and put users’ funds at risk.
CenterPrime is focused on working with the Korean Banking industry to use Chainlink’s oracle technology to share high-quality KRW-denominated price feeds for foriegn exchange rates such as KRW/USD, KRW/EUR, and KRW/CNY, and more. Chainlink’s technology gives us the ability to securely relay these decentralized price feeds to the blockchain to be stored as immutable and open records, where applications across Fintech, DeFi, and the legacy world can use to build more transparent financial products.
These Chainlink price reference feeds will be deployed initially onto the Ethereum blockchain but can easily be applied to any other blockchain platform through Chainlink including public and enterprise Korean chains. By opening up access to these key price feeds, we anticipate a major uptick in development within the Korean Fintech and DeFi market. We are already working on sharing this pricing data with an upcoming “Public Cloud Local Currency Wallet”, which can be combined with other live Chainlink Price Reference Data (e.g. BTC/USD, ETH/USD, etc) to create KRW exchange rates for cryptocurrencies.
(The process of sharing decentralized FX data from top Korean banks realized today)
Chainlink is poised to transform the capabilities of blockchain technology by connecting it to the outside world, opening up use cases in various industries including open banking services for Fintech and DeFi. Its validation services provide the security and reliability guarantees that large enterprises require when using smart contracts and external data.
Seoul, Korea. July 25, 2020 — At the high profile “2020 On-Chain Fintech Conference”, CenterPrime, a private Hyperledger based chain with unique access to the Korean open banking API, is sharing foreign exchange rate data from top Korean banks including Hana Bank, Shinhan Bank, Nonghyup Bank, and Industrial Bank of Korea (IBK) to Chainlink’s decentralized oracle network.
Through CenterPrime, the Chainlink Network marks a major breakthrough in both the Korean Fintech and DeFi industry because, for the first time, Korean financial applications can access a decentralized exchange rate aggregated from top Korean banks. This opens the floodgates for a massive expansion in blockchain-based fintech applications operating cross-border and DeFi applications building homegrown products priced in the local currency KRW. . One of the first use cases for this forex data is to power the exchange rates in an upcoming Korea local currency wallet.
Sharing accurate KRW exchange rate data from Korea’s leading banks on to the blockchain is an essential element to growing the Defi and on-chain fintech industry. Through the Chainlink integration, financial applications can readily access secure and reliable KRW price pairings on-chain. This enables applications to increase the decentralization and transparency of their products.
The Chainlink powered price feeds will be deployed initially onto the Ethereum blockchain. They can easily be applied to any other blockchain platform through Chainlink’s blockchain agnostic network.
The CenterPrime project uses a Hyperledger private chain to share an open banking API to apps, connecting centralized finance and decentralized finance, and making smart pairing data for Loan, Remittance, Exchange, Payment, and Exchange Rate information able to be included in Fintech oracle networks.
Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and Kyber Network, numerous blockchains such as Ethereum, Polkadot, and Tezos, and large enterprises including Google, Oracle, and SWIFT.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to CentrePrime, view official announcement.