Wanchain Partners with Chainlink to Integrate Real-World Oracle Data
Wanchain announced today their integration and partnership with Chainlink to integrate real-world Oracle data. Beta testing for Chainlink’s Oracle service is already live on Wanchain.
Wanchain has found a synergy with Chainlink to integrate both of their solutions. Chainlink is a decentralized network of Oracles (An Oracle is a third party information source that supplies data to Blockchains).
Through this partnership, Wanchain aims to allow the data to flow from Oracles to the traditional financial via Blockchains. The solution would increase reliability, transparency, and interoperability to many institutions.
In order to realize the goal of facilitating transactions on Blockchains, it is critical that applications on Wanchain are able to leverage real-world data from the financial markets or IoT devices and send financial data from smart contracts to financial institutions.
With this partnership, Wanchain aims to leverage Chainlink’s technology to access information typically stored off-chain such as APIs, payment gateways, or feeds of data and information.
The data flow from various data sources to Chainlink all the way to payment networks like Visa and PayPal is illustrated in the diagram.
Jack Lu, Wanchain’s Founder and CEO, said:
“Integrating Chainlink into the Wanchain ecosystem is a critical and exciting step toward the global economic shift to digital financial transactions in everyday life. We are excited to provide Chainlink’s oracle network to developers on the Wanchain platform to begin building decentralized applications that can leverage real-world data from both the blockchain and traditional world.”
Chainlink CEO Sergey Nazarov said:
“We are very excited to partner with Wanchain to implement our oracle network on their leading interoperability platform, Chainlink seeks to create a future with secure smart contracts that are linked with real-world off-chain data. Building alongside Wanchain’s cross-chain technology will unlock immense possibilities for Chainlink and add tangible value to the users and developers we serve.”
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