In a recent Press Release, Harmony has announced that it will partner with Chainlink to leverage its reliable and secure Oracle Service.
Harmony to Partner with @chainlink for Off-Chain Connectivity
We are partnering with Chainlink, the leading oracle service provider to provide reliable and secure input and output data which smart contracts on the blockchain require to function. https://t.co/DDLs6lJyzk pic.twitter.com/AC7tvYgnoW
— Harmony (@harmonyprotocol) June 5, 2019
How will Harmony leverage Chainlink’s solution?
In order to expand the scope and impact of blockchain applications, smart contracts need to interact with 3rd party external information sources. Chainlink’s Oracle will act as the link between Harmony’s smart contracts and external information, which will trigger the execution of smart contracts when a certain predefined condition is satisfied.
For example, a smart contract which automatically deposits insurance amount to travelers’ accounts in case of flight delays would need to know the flight schedule at the airport and the current time.
By choosing Chainlink as its oracle service provider, Harmony ensures that DApp developers can access real-world data securely and efficiently.
Harmony’s Co-Founder Nick White said, “Oracles are a key piece of the smart contract ecosystem that Harmony wants to build. Chainlink will provide a key piece of that infrastructure.”
Why is Chainlink important?
Chainlink uses a highly decentralized network of Oracle nodes to guarantee end-to-end data security. By allowing multiple data-pathways (or Chainlinks) to evaluate the same data before it is allowed to become a trigger, Chainlink ensures that the failure of one Oracle node doesn’t compromise the data integrity or smart contract functionality.
Daniel Kochis, Chainlink’s Global Head of Business Development, said: “Securely accessing off-chain data and payment systems is a necessary capability to build out blockchain ecosystems, and Chainlink is excited to collaborate with Harmony to provide their developer community with reliable oracles.”
About Harmony
Harmony is a fast and secure blockchain with key innovations in state sharding and peer-to-peer networking. It is a high-throughput, low-latency, and low-fee consensus platform designed to power decentralized economies of the future.
