Ontology Blockchain, Chainlink to Take Data-Driven Smart Contracts to Backend Business Models
The high-performance public blockchain Ontology recently announced that it had entered into a partnership with Chainlink, its US-based ecosystem partners.
Chainlink is a global leader in the development of data-driven smart contracts, all featuring high end-to-end security features. According to the announcement, the collaboration will help Ontology to continue developing its existing framework and network.
What Problem Do They Intend to Solve?
The partnership aims to address the Oracle problem. Blockchains tend to be self-contained in nature, which means that the only computations they can perform are on data that has already been stored on their chains. The oracle, therefore, acts as a gateway to the off-chain, or in this case, the external world.
The oracle enables off-chain data submission into a smart contract before producing information that can then be sent to an off-chain system. Taking this into account, the announcement further explained that oracles could offer solutions to queries such as:
“Did the goods arrive on time to the retailer?”
this is in addition to,
“allow smart contracts to use this information to trigger changes in the real world, such as triggering a payment on an existing payment system upon the arrival of goods.”
How Ontology Plans to Address the Problem
By collaborating with Chainlink, Ontology will be able to address the Oracle issue in a more efficient manner. The partnership aims to provide its ecosystem with a new option when it comes to developing smart contracts connected to an external system. In the end, this would lead to many benefits to developers on the Ontology ecosystem.
Having finalized the collaboration, Ontology is requesting interested developers to come on board and utilize the many tools that Chainlink has to offer.
Solution Provided by Chainlink
Chainlink works like a decentralized oracle network that is able to provide smart contracts with reliable and secure access to payment systems, data providers, IoT devices, web APIs, cloud providers, enterprise systems, and other blockchains.
Some of its outstanding features include:
- A renowned framework for evaluating oracles based according to their own metrics
- A strong market for independent oracles offering a broad array of connections and information
- Ability to customize an oracle connection in a flexible manner
Overall, Chainlink provides an all-inclusive network where users get a chance to customize the manner in which their smart contracts will communicate with off-chain systems. With the partnership on course, Ontology expects a vast amount of use cases to operate on its platform, for the developers to utilize.