ETHA works with Chainlink to Provide Decentralized Oracle Solution for Blockchain Remittances
We’re very excited to announce that we will be working with Chainlink, the industry leader in decentralized oracle networks to provide our smart contracts access to off-chain data feeds.
At the current state, smart contracts are unable to access off-chain data feeds and APIs due to the nature of how smart contracts are secured on the blockchain, and miners reach the consensus.
To solve this problem, we needed a blockchain oracle solution that permits smart contracts to access off-chain data feeds and APIs to validate and execute actions such as a bank transfer. We wanted to streamline the majority of the process on-chain, for our smart contracts to access key off-chain resources on our platform. For this reason, we have teamed up with Chainlink to solve the complexity of this problem.
Blockchain Remittance Solution
ETHA introduces the world’s first blockchain-based remittance solution platform that will allow merchants and consumers to utilize their digital assets to send fiat money globally.
Our platform will give the sender the flexibility to select different payout options for the recipient, such as Direct to Bank, Local (Cash) Pick-Up or Mobile Top Up (depending on the designated country). Our goal is to provide our services in more than 190 countries around the world.
The payment infrastructure works as a decentralized operating system, which integrates the benefits of decentralized systems with the necessary centralized resources under one platform, enabling fiat money transfer with digital currencies.
Integrating Chainlink’s oracle network on our platform
Our developers encountered connectivity issue while implementing and testing our smart contracts with our operating platform, as mentioned prior smart contracts are limited to access traditional data feeds. Thus, we decided to integrate a reliable blockchain oracle system to solve the connectivity issues with external resources.
Chainlink’s decentralized oracle network provides a secure solution that can easily connect our smart contracts to APIs and off-chain data feeds. Having solved this problem means, that we will be the first remittance platform that will streamline over 90% of the process to send money abroad securely on-chain.
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Chainlink is consistently selected as one of the top blockchain technologies by leading independent research firms such as Gartner. It is well known for providing highly secure and reliable oracles to both large enterprises (SWIFT) and leading smart contract development teams.
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to ETHA, view official announcement.