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Hdac Technology signs technical partnership with Chainlink to overcome Oracle ProblemMar 18th, 2020
- Hdac and Chainlink to co-develop an off-chain data filtering system under technical cooperation to solve the ‘Oracle Problem’
- Securing data integrity for blockchain-based DApps and IoT services will greatly enhance the competitiveness of Hdac's mainnet and ecosystem
March 11, 2020, Seoul – Blockchain company Hdac Technology (“Hdac”), founded by Dae Sun Chung, Hyundai BS&C CEO and member of the Hyundai family, entered into a technical partnership with market-leading oracle solution Chainlink to provide decentralized oracles for the Hdac blockchain.
Chainlink, an open-source smart contract technology providing oracle solutions to large enterprises ( Google , Oracle , and SWIFT ) and leading smart contract development teams , offers a decentralized oracle network designed to solve the ‘Oracle Problem.' The Oracle Problem is a data reliability issue affecting all blockchain platforms that occurs when trying to securely and reliably source and deliver data from outside the blockchain (off-chain) and use it on-chain. It’s said to be the biggest obstacle in commercializing smart contract technology.
The decentralized oracle middleware solution ‘Chainlink’ utilizes the method of verifying and delivering off-chain data via multiple validating partners that then deliver credible data on-chain. This enables a blockchain’s smart contracts to securely access off-chain data, such as IoT sensors, Web data, other external systems/networks, and more.
Hdac and Chainlink will jointly develop a system that filters off-chain data created by IoT services and other networks and delivers this credible data on-chain to Hdac’s
blockchain-based DApps. For this, the two companies will collaborate on shared resources, infrastructure, solutions, and ecosystems, as well as cutting edge blockchain and smart contract technologies.
Yong-Wan Ju, Representative Officer for Hdac Korea, states “Smart contracts are the key factor which enables blockchain technology to integrate with legacy systems and make good use of the technology in real life. For this, the oracle problem must be solved.” He continues, “Thanks to the technical partnership with Chainlink, Hdac’s blockchain-based service providers will be able to develop various real-life use cases utilizing verified off-chain data."
Sergey Nazarov, Co-founder of Chainlink, confirms that “ We’re excited to work closely with Hdac to securely integrate real-world data and systems into their premier enterprise blockchain. Chainlink’s decentralized oracle network opens up a large number of enterprise use cases for Hdac applications, thanks to trusted data sourcing and delivery from key non-blockchain infrastructure.”
At the end of last year, Hdac has announced its participation in investment fund creation worth 32 billion Korean won with a venture capital company T Investment to lead the vitalization of various blockchain-based ICT integration services by discovering, investing, and fostering small but mighty start-ups that have platforms, technology, solutions, and etc.