Chainlink Enters Into Another Collaboration With Hdac Technology AG

Chainlink enters into another collaboration with the Swiss company Hdac Technology AG which will use the technology of the crypto platform to solve the Oracle problem as we are reading in the Chainlink news today.

Chainlink enters into another partnership with the Swiss blockchain and IoT company in order to help it solve the Oracle platform as the Hdac company announced earlier today and revealed that the cooperation will mostly focus on overcoming the Oracle problem. The Swiss-based company will use the Oracle Technology of Chainlink to feed off the chain data securely and in a decentralized manner into the blockchain. The Oracle problem happens when a blockchain cannot simply import the external data because the integrity of the data is not guaranteed.
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This major problem happens when smart contracts require more data for calculations on the blockchain.

This problem is considered as one of the biggest obstacles in the blockchain and smart contract technology. In order to solve this problem, Hdac contacted chainlink because the oracle middleware solution of the crypto platform is designed to eliminate the central error sources by verifying the off-chain data by aggregation of multiple validators that can confirm the data and deliver it to the smart contract. Both of the companies will develop a system that can securely filter off-chain data that is generated by IoT services and other networks so it can deliver it to the blockchain-based Dapps.

The problem solution will enable communication with external systems such as the IoT sensors, web data, existing payment systems, and enterprise backends. Hdac stated:

‘’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.’’

There is a lot of hype that surrounds Chainlink which seems to be not ending. Google announced the use of the Oracle technology last summer when Chainlink made other partnerships including DMM, Chilliz, Polkadot. At the time of publication, the Chainlink price got down by 5.8 percent and Chainlink’s price increased by 15.5 percent despite the crash on the market. This makes the LINK cryptocurrency winner in the top 30 cryptocurrencies by market cap over the period.