Morpheus Network Envisions Real-World Smart Contracts With Chainlink Partnership
Morpheus Network, a blockchain firm working on decentralized global trade, is looking to establish an alliance with Chainlink to explore connecting smart contracts to real-world payments, events and data. Chainlink is the blockchain oracle network that will enable the next generation intelligent contracts to be tied to off-chain data feeds, web APIs and financial systems.
Under the arrangement, Morpheus Network smart contracts will be able to link with both ends of the transaction through the off-chain data and APIs providing critical connectivity. And as such, the Chainlink solution will make the smart contracts become incredibly useful and still work under novel ways of handling automation.
Morpheus Network CEO, Dan Weinberger expressed optimism at the value the new collaboration brings to the crypto scene.
“The decision to collaborate with Chainlink is due to their expertise in decentralized oracle networks. To achieve proper optimizations within the supply chain, bridging real-world data and on-chain smart contracts is a necessity. The partnership with Chainlink will bring significant value to our clients by enhancing the features and capabilities of our platform,”
Morpheus' Director of Global Business, Daniel Kochis, also conveyed Chainlink's reaction to the partnership by saying:
“Chainlink is excited to be working with Morpheus Network. Partnering with them (Chainlink) will allow their smart contracts to interact with our decentralized oracle network, providing the API data access from a wide variety of sources, as well as allow payments on the world’s most recognized payment processors.”
What Is A Decentralized Oracle?
Although smart contracts are incredibly useful there is still need to connect different blockchain, companies using blockchain, real-world assets and data external to the blockchains. Most of the existing chains operate in isolation with no form of connectivity to outside chains, as is the case with Bitcoin and Ethereum.
An oracle network would work to connect decentralized application and APIs through which people can get additional inputs. Preferably the Oracle technology translate the different information between blockchains into understandable terms within the DApps to trigger a smart contract.
Should You Pay Attention?
Although a late entrant to the oracle networks scene, Chainlink is making significant progress and Morpheus Network have taken note of its capabilities. With Chainlink the network will experience greater flexibility, automation for smart contracts, and bring efficiency to global trade supply chain. As for Chainlink, this only adds to its growing reputation with high profile partnerships with SWIFT, Gamedex, IC3 and Gartner solidifying their name. Adding Morpheus Network to the list of partners may not seem much, but it is a positive momentum for market capitalization.
About Morpheus Network
Morpheus Network is a simplified and streamlined interface revising or adding Smart Contracts to navigate and enhance an intuitive supply chain. As a member of the Blockchain Transport Alliance, the crypto firm works to bring advanced freight technology through the development of blockchain technology. The Network was a design from many consultations with shipping, customs and financial firms looking to create an automated, global and transparent supply chain platform integrating cryptocurrency.