- Chainlink-Hdac partnership will develop a system for delivering off-chain data on blockchain.
- Hdac is a blockchain startup that’s founded by Dae Sun Chung, the CEO of Hyundai.
- The two companies will be addressing the “blockchain oracle” problem.
Chainlink, a decentralized oracle network, has entered a partnership with Hdac Technology, a blockchain startup founded by Dae Sun Chung, CEO of Hyundai. The two companies are planning to jointly develop a system for delivering off-chain data on the blockchain. In particular, the companies will be addressing the “blockchain oracle” problem, which is known to be the biggest obstacle in commercializing smart contract technology. Bitcoin developer, Jimmy Song, describes the Oracle problem as the security and trust conflict associated with linking a digital asset to a physical asset.
With this partnership, Chainlink is planning to integrate its oracle middleware solution with Hdac’s decentralized applications to access off-chain data securely. This will enable Chainlink to communicate with external systems such as payment systems and other blockchains by verifying off-chain data using a collection of multiple validating partners. These partners can confirm off-chain events and deliver data to the on-chain smart contract.
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