Kadena, Chainlink Partner In Industry’s First Hybrid Blockchain Oracle Integrationbr>
Kadena, a blockchain technology company founded by former JPMorgan and SEC technologists, is developing blockchain platforms for businesses and entrepreneurs by solving the speed, scalability, and security concerns that impede widespread blockchain adoption and offering simple solutions and tools for developing on a blockchain. The company claims that its platform is already being used by several Fortune 500 companies to improve operational efficiencies and data management in the sectors of healthcare and commercial insurance.
Chainlink enables smart contracts to securely access off-chain data feeds, web APIs, and traditional bank payments. Smart contracts are corruptible through inaccurate and slow data. Chainlink solves this problem by connecting smart contracts to the real-world via a secure, decentralized network of oracles that ensure relevant and accurate data is fed into the ecosystem. The company is well known for providing highly secure and reliable oracles to large enterprises, including Google, Oracle and SWIFT, and leading smart contract development teams.
The partnership will see Kadena integrate Chainlink’s decentralized oracle network to its scalable layer-1 Proof of Work public blockchain. The integration will enable enterprises and entrepreneurs in the Kadena ecosystem to utilize Chainlink oracles to create end-to-end Pact smart contracts using Chainlink’s large collection of pre-made inputs and outputs.
“Kadena developers can benefit from Chainlink’s high-quality data by building Price Reference Contracts for market prices and leveraging its external adapter technology for off-chain access to credentialed APIs and legacy systems,” Kadena said. “Chainlink also provides strong security and reliability guarantees via decentralization, wherein multiple independent oracles and data sources can be aggregated together to protect against any single point of failure or a sole arbiter of truth.”
Kadena said that it has already identified use cases where the live data accuracy of Chainlink’s oracles will service key functionality for on-chain applications. The very first implementation will be a KDA price oracle feed, available to dApp developers and exchanges.
“Dependable and instantaneous market data will also be a requirement for launching many decentralized and traditional finance applications, such as with Kadena’s ongoing collaboration with $3 billion asset manager USCF,” Kadena said. “Furthermore, Kadena can provide a critical tool for addressing the COVID-19 pandemic by using Chainlink oracles to validate coronavirus testing kits and test results. Over time, Kadena and Chainlink look forward to sharing additional information about the industry’s first integration of leading oracles with a hybrid blockchain.”
Chainlink Co-Founder Sergey Nazarov said that their goal is to augment the value created through Kadena’s unique hybrid blockchain by bringing secure and reliable data feeds on-chain via Chainlink decentralized oracle networks.
“With this access to high-quality credential API data via Chainlink oracles, the Kadena ecosystem can begin developing next-generation smart contracts that depend on real-world data,” Nazarov said.
According to Kadena, the Chainlink integration will be an industry first in deploying oracles to a public/private hybrid blockchain platform and a significant acceleration of decentralized finance/on-chain trading.
“Kadena’s Pact smart contract language is becoming the standard with its powerful features such as allowing for multi-sig transactions and formal verification,” said Kadena Co-Founder Stuart Popejoy. “Combined with the Kadena public blockchain’s scalability, throughput, and low gas costs, we’re enabling high-quality financial market data in a way previously unseen on crypto platforms. Chainlink’s decentralized oracle network adds further security and value to developing and executing smart contracts. In choosing Chainlink, we are collaborating with a project that is an industry leader for their oracle expertise.”