Thursday, March 12, 2020

Chainlink partners with Hdac to provide blockchain solution for its Oracle Problem

Chainlink partners with Hdac to provide blockchain solution for its Oracle Problem

Chainlink has entered a new partnership with Hdac to provide a blockchain solution for that company.

The Oracle Problem occurs “when trying to source and deliver data from outside the blockchain (off-chain) and use it for computations inside the blockchain (on-chain),” according to Hdac. Many smart contracts in blockchains process data automatically when the data meet conditions provided by off-chain systems. So, the Oracle Problem occurs so many times, and experts consider it as the biggest problem in commercializing smart contracts.

A solution for delivering data

Hdac has multiple blockchain-based DApps that are used mostly in IoT services and various networks. It needs a solution to communicate the data gathered from devices with on-chain networks. Chainlink solutions that primarily rely on smart contracts can help this. Chainlink has provided Oracle solutions to big organizations like Google, Oracle, and SWIFT.

Chainlink uses the aggregation of multiple validating partners to certify off-chain data. The partners verify off-chain events and also deliver data to smart contracts inside a blockchain.

Chainlink solution filters data delivered to the blockchain network. So Hdac’s DApps can have secure access to off-chain data and then communicate with external systems or networks. IoT sensors, IoT sensors, web data, enterprise backends, existing payment systems, and other blockchains are some of the external services that Hdac’s DApps connect to.the solution connects traditional systems to blockchain networks without the need to make non-blockchain infrastructure.

Hdac DApps

Hdac mostly focuses on blockchain applications in the IoT ecosystem. It provides private blockchain for more privacy and data security in IoT networks. Integrating various blockchain networks is another solution that Hdac provides.

Smart HERIT is one of Hdac services based on blockchain that provides privacy and security for smart home appliances. Besides, there are some other services inside HERIT that enable users to manage their apartment expenses. So many devices and systems like smart monitors, smart locks, CCTVs, HVAC control systems, vehicle access, etc. can be connected to HERIT and take benefit from security features.

The post Chainlink partners with Hdac to provide blockchain solution for its Oracle Problem appeared first on Crypto Economy.


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