Open-source smart contract blockchain project Chainlink has just sealed a partnership deal with a top blockchain and IoT Switzerland-based firm, Hdac technology, a report has confirmed.
Hdac announced the collaboration today, revealing that the alliance is centered at overpowering Oracle Problem. Hdac said its plans on leveraging the potential of blockchain technology that makes it impossible for people to fabricate or tamper with data.
The Switzerland-based firm said when data is being sourced and delivered off-chain, and later used for computations inside the blockchain (on-chain), the problem of data reliability surfaces and this is known as Oracle Problem.
Hdac said Oracle Problem is one of the biggest challenges in commercializing smart contract technology as most contract conditions are based on off-chain data and events.
Hdac aims at eradicating this via its partnership with Chainlink. Hdac said smart contract processes data, that is data delivered to an on-chain smart contract, remains a credible one free from reliability problem.
To ensure immutability and security of data developed by IoT services and other networks to blockchain-based Hdac’s Dapps, the two companies, via the latest partnership, will build a system that will source, filter and deliver off-chain data in a secured and reliable means.
With Chainlink, Hdac is sure of having a reliable data for its blockchain-based DApps and IoT services.
In the past, the likes of Oracle, Google and SWIFT have sorted for Chainlink for a decentralized oracle solution. This decentralized oracle solution offered by Chainlink helps to eradicate central points of failure. This is achieved by using an aggregation of multiple validating partners to confirm the authenticity of off-chain data.
Chainlink will also offer Hdac its decentralized oracle middleware solution so that blockchain-based Dapps of the latter can have secure access to off-chain data.