Vietnam based blockchain ecosystem KardiaChain has announced a partnership with popular price oracle network Chainlink.
With this integration, dApp developers on KardiaChain will now have easy and unlimited access to quality oracle solutions. Furthermore, Chainlink oracles will enable dApps on KardiaChain to securely connect with conventional and real-world data.
Details on the partnership
KardiaChain revealed that for now Chainlink oracles will be majorly directed towards its sporting activities. Especially on its eSports Incentive Platform. Hence it will take care of that collecting statistics as well as sporting outcomes on the incentive platform, without any form of manipulation. They will “reliably settle user-created prediction markets”.
Plans to utilize Chainlink oracles for other projects are currently being explored. Projects under consideration include DeFi apps, real estate contracts, alongside several other institutional and government, focused projects.
Chainlink – KardiaChain preferred oracle
KardiaChain disclosed that Chainlink is currently the only oracle solution with access to “premium APIs and credentialed systems”. The Vietnamese blockchain ecosystem further revealed that it came to this conclusion after exploring several other oracle solutions.
Alongside the above-listed advantages, Chainlink oracle will ensure data is securely delivered on time. Ensuring users trust in the authenticity of events outcome on KardiaChain.
Having secured access to off-chain data is a very crucial part of building smart contracts. As most blockchain can not securely access off-chain data it is important to employ an intermediary, hence the need for oracle solutions. Simply put, oracles serve as a link between blockchain dApps and off-chain data. To ensure dApps work effectively with zero errors, oracles need to be both trusted and secured.
More uses cases for Chainlink on KardiaChain
It is important to note that for now, Chainlink will only be employed on KardiaChain eSports platform. However, work will immediately commence on creating DeFi products using Chainlink’s price reference data. Plans are in place to create specific financial products all priced in Vietnamese dong. Thereby introducing custom-made DeFi products to the Vietnamese ecosystem for the first time. Furthermore, plans are in place to explore Chainlink’s advanced privacy features in relation to real-estate, enterprise, and government solutions.
Huy Nguyen, CTO at KardiaChain disclosed that “We look forward to leveraging these unique functionalities to expand into multiple new product offerings that bring real value to everyday citizens. Further adding that creating real-world applications using Chainlink is a step in the right direction to “becoming the leading blockchain in Vietnam and South East Asia.”
Looking to create a unified blockchain ecosystem in Vietnam, KardiaChain is focused on evolving use cases. The Vietnamese blockchain ecosystem plans to create the country’s first-ever fully decentralized and interoperable blockchain ecosystem.
Recently, KardiaChain announced that they will be working in tandem with Neo EcoBoost to simplify the integration of its interoperable network with Neo-based blockchains.