OpenLaw And ChainLink Partner To Use Real-World Data On Smart Contracts
A new partnership has been made in the blockchain market. OpenLaw has decided to integrate its projects with ChainLink. This partnership was made to ensure that real-world data is used on smart contract technology, which can be a game changer in the industry right now. Now, ChainLink’s oracle will be incorporated into the tech of the OpenLaw protocol.
Now, assets like cryptos transferred on OpenLaw will be denominated in USD. By using the middleware of ChainLink, the company will be able to calculate the amount of ETH at the moment of the transfer.
Using this technology, a party can agree to pay $10,000 USD monthly, for instance, via OpenLaw. The payment will be made in ETH, but the amount of USD will be always the same, only the amount of ETH will change, which will make things more solid and stable.
This is important because it solves the main problem that prevents cryptocurrencies from being used: the volatility of the market. If someone can actually decide how much money is going to be paid in USD, this can actively be very useful for both companies.
With this new partnership, OpenLaw will be able to make a leap and go forward in showing promising ways to lower the barriers that are, at the moment, barring the non-technical or crypto-savvy people from using the blockchain technology and cryptocurrencies for their benefit.
OpenLaw is blockchain protocol that can be used in the creation and in the execution of legal agreements. It is mostly used by lawyers who want to find more efficient ways to work using the blockchain. By using OpenLaw, they digitally sign documents, store legal agreements in a very secure way and use smart contracts.
ChainLink is a blockchain middleware used to boost the way that smart contracts work. By using this technology, you can have access to off-chain resources that can range from data feeds, to APIs and traditional bank accounts (which enables the user to use USD). The technology was created to mimic real world agreements that require external proof of performance.