Dear Hdac community members,
Hdac Technology has entered into a technical partnership with Chainlink, an open-source smart contract technology, to overcome its ‘Oracle Problem.’
Blockchain is a technology that stores data in a distributed ledger and computes via a decentralized network, thus it is almost impossible to fabricate or falsify data on it. However, when a blockchain is connected to a non-blockchain network or external system for the purpose of using that data in blockchain applications, the data’s credibility is not assured.
This data reliability issue that occurs when trying to source and deliver data from outside the blockchain (off-chain) and use it for computations inside the blockchain (on-chain) is called The Oracle Problem.
A smart contract processes data automatically if predefined condition(s) are fulfilled, which means the data delivered to an on-chain smart contract to inform it about such conditions must be credible. Since many contract conditions are based around off-chain data and events, the Oracle problem is said to be the biggest obstacle in commercializing smart contract technology.
In order to overcome the Oracle Problem, Hdac has entered into a partnership with Chainlink. The two companies will jointly 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 an open-source smart contract technology that provides decentralized oracle solutions to large enterprises including Google, Oracle, and SWIFT and leading smart contract development teams.
The decentralized oracle middleware solution of Chainlink removes central points of failure by verifying off-chain data using an aggregation of multiple validating partners that both attest to off-chain events and deliver data to the on-chain smart contract.
By filtering data delivered on-chain, Chainlink’s decentralized oracle middleware solution enables Hdac’s blockchain-based DApps to securely access off-chain data and communicate with external systems/networks, such as IoT sensors, web data, enterprise backends, existing payment systems, other blockchains, and so forth. Essentially, it connects existing legacy systems to emerging blockchain networks without having to remake non-blockchain infrastructure.
Thanks to the technical partnership with Chainlink, Hdac is now able to secure data integrity for blockchain-based DApps and IoT services and will develop various real-life use cases utilizing verified off-chain data.
If you’re a developer and want to connect your smart contract to existing data and infrastructure outside the underlying blockchain, reach out to us here! We can help you quickly and securely launch your data-enabled application or Chainlink Price Reference Data Contract on mainnet today. You can also visit the developer documentation or join the technical discussion on Discord. Learn more by visiting the Chainlink website or follow us on Twitter or Reddit. If you would like to join the Korean community, check out the recent blog post outlining how to get involved!
Chainlink is a decentralized oracle network that enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. It is well known for providing highly secure and reliable oracles to large enterprises (Google, Oracle, and SWIFT) and leading smart contract development teams such as Polkadot/Substrate, Synthetix, Loopring, Aave, OpenLaw, Etherisc, Conflux, and many others.
Any question or recommendation would be welcome on Telegram! There will be more updates and events announcement on the Medium blog for the Hdac community.
Please refer to the following links and stay in the loop.
*Website : https://www.hdactech.com
*Medium : https://medium.com/hdac
*Facebook : https://www.facebook.com/hdactech
*Twitter : https://twitter.com/hdactech
*Telegram(KR) : https://t.me/Hdac_Official_KR
*Telegram(EN) : https://t.me/Hdac_TGE
Note: chainlinkecosystem.com does not claim any ownership of this content, all credit to Hdac, view official announcement.