Klaytn, a blockchain platform developed by Ground X and owned by Korean giant Kakao, has partnered with Chainlink, famous for its decentralized oracles:
@klaytn_official has partnered with the decentralized oracle network @chainlink. For more information, check out the Medium blog! https://t.co/ETQ99ikT64
— Klaytn (@klaytn_official) May 18, 2020
The goal is to connect onchain data with offchain data, i.e. data that is not yet on the blockchain.
Which is why Chainlink is a good fit for the Klaytn ecosystem, and in particular:
- For decentralized finance (DeFi), Chainlink allows market data to be integrated into DeFi applications;
- For NFTs (Non Fungible Tokens), allowing developers to use Chainlink to create dynamic NFTs based on real-world data;
- In the insurance industry, connecting data from the outside world using IoT (Internet of Things) devices and setting up insurance when an event occurs;
- In gaming, associating gaming objects based on certain events that the user performs;
- For global trade, where with the tracking of goods it is possible to verify if they have arrived and then make the payment to the seller.
Sergey Nazarov, co-founder of Chainlink, is very enthusiastic about future applications in which these oracles can be incorporated:
“We look forward to providing the Klaytn ecosystem with secure and reliable oracles to enable the development of next-generation decentralized applications. Klaytn can accelerate towards its goal of blockchain mass adoption with the addition of real-world connectivity made possible by Chainlink oracles”.
This is yet another winning partnership for Chainlink, following the one with Tezos. The price of XTZ has also increased significantly in recent times, proving to be worthwhile and bringing Chainlink among the main blockchains.
