The world of financial transactions has had a great shift from the implementation of blockchains technology. Today, this digital economy woke up to the news of a partnership between Wanchain and Chainlink, one that is set to revolutionize the digital space.
According to Wanchain`s Founder and CEO, Jack Lu, the integration is a step towards a global economic shift of digital financial transactions. Further, he adds that this partnership will be of great help to Wanchain`s developers. In that, it will help in building applications that can leverage real-world data from the traditional platforms as well as blockchains.
Sergey Nazarov, Chainlink`s CEO, complimented Wanchain`s interoperability and talked of his excitement to partner with Wanchain. Nazarov said that this partnership will offer tangible value to their developers and users, unlocking immense possibilities. He said that this is aligned with their mission of offering secure smart contracts which are interlinked with real-world financial data.
Wanchain adds real-world data in partnership with Chainlink. We’re honored to be @wanchain_org’s oracle of choice in improving the future of financial transactions around the world! https://t.co/QY6S8j3kyq
— Chainlink – Official Channel (@chainlink) November 12, 2018
The idea behind this partnership is to exploit the new digital economy where transactions will be done using smart devices and digital currencies on a daily basis.
In this view, the two technology companies aim at offering a secure way of doing these transactions. However, to achieve this objective, Wanchain would need to leverage financial data from digital devices. In turn, this data will be shared with conventional financial institutions.
How the Partnership came to be
Wanchain has a major goal of integrating blockchains with traditional financial institutions. Consequently, in order to achieve this goal, it has to leverage all the financial data and smart contracts on blockchains and those shared through the IoT and smart devices. Also, Wanchain aims at providing a convenient platform for its developers whose focus is on creating cross-chain applications.
Hence, since Chainlink is considered easier to use than other blockchain technologies and offers higher reliability and security, Wanchain must have been impressed.
What Should We Expect?
Now that the Chainlink`s Oracle Beta testing has already gone live on Wanchain, this holds a lot of future prospects for financial institutions and the digital economy. Wanchain hopes that through a successful integration, data from the Oracle will flow through blockchains to the financial institutions. An Oracle acts as a third-party source of information that strictly sends data to blockchains.
Consequently, this will mean that financial institutions will experience an increase in transparency, reliability, and interoperability. Also, through this partnership, Wanchain will be able to easily access information stored off-chain such as: APIs, information and data feed, as well as payment gateways. Subsequently, this linking will extend to payment networks as well, such as PayPal and Visa.
This is the only way in which Wanchain`s applications can be able to leverage real-world financial data and realize its goal of facilitating transactions on blockchains.
The partnership is, however, a clever move in the digital economy for Wanchain because it involves working with the best in the industry. Chainlink has been recognized by such firms as Gartner as one of the leading blockchain technologies. It is popularly known for its proven ability to provide reliable and secure oracles.