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Enterprise blockchain project Hedera Hashgraph today announced a partnership with decentralized oracle provider Chainlink, which will provide the wannabe blockchain killer access to real world data—without relying on centralized sources of information.
Chainlink is quickly becoming one of the integral components of the decentralized web. By aggregating real world data from multiple sources, it is able to provide a reliable source of truth for blockchains to use. Chainlink has formed numerous partnerships with projects across the crypto industry—see our complete list here. This latest partnership brings it even closer to its goals of becoming the oracle provider.
Hedera Hashgraph uses a novel blockchain structure known as a directed acyclic graph (DAG)—the same protocol used by IOTA—to provide fast payments to the 300 companies using its network. Now these businesses will be build smart contracts that execute when events happen in the real world.
“Smart contracts have already started to change the world, and how organizations and individuals do business, and we see Chainlink’s oracle network as a key piece of infrastructure to improve smart contract capabilities even further,” the press release states.
Decentralized oracles are necessary to provide blockchains with real world data. This is because different data sources would provide blockchains with inconsistent data—and they could be meddled with. By aggregating multiple data inputs and providing a consistent and accurate source of truth, Chainlink is able to enable smart contracts to reliably use real world data.