Economic market data from Southern Korean banks will now function on Chainlink’s decentralized oracles services, as announced in an event in Seoul upon Friday.
Hyperledger -based CenterPrime — that has access to the APIs associated with top Korean banks —will now share its information feeds on Chainlink. Because of this, app developers can now resource their information from big-wigs like Shinhan Bank as well as the Industrial Bank of Korea (IBK).
The integration is really a first for Korea’s wider banking system. The government provides previously pushed for broader fintech efforts and assets, but none involving the public blockchain.
Top Korean banks: Hana Bank, Shinhan Bank, Nonghyup Bank, plus Industrial Bank of Korea select #Chainlink and CenterPrime to bring their forex information on-chain, transforming the features of open banking providers, fintech and #DeFi . https://t.co/sMS24ppb1G
— Chainlink – Formal Channel (@chainlink) July 25, 2020
Korea’s DeFi ecosystem in order to benefit
CenterPrime said these people looked extensively into companies that could facilitate decentralized KRW-denominated exchange rates for use in Korean Fintech and DeFi.
“Chainlink has extensive experience developing decentralized data feeds, getting already created numerous decentralized price reference networks that will secure over a billion bucks in value for many top DeFi applications, ” mentioned CenterPrime.
Using the partnership, dApps and DEXs can now provide nationally-verified forex trading data in their products. The procedure will be wholly-decentralized; opening the particular Korean market up internationally on the blockchain.
For now, Chainlink price reference feeds is going to be deployed upon Ethereum . However , this could then be ported to blockchain platforms through Chainlink (including both public plus enterprise Korean chains).
Centerprime said the development may help propel DeFi adoption plus development in the region:
“By opening up access to these crucial price feeds, we foresee a major uptick in growth within the Korean Fintech plus DeFi market. ”
It added the data is going to be shared on an upcoming “Public Cloud Local Currency Wallet” that can be combined with live Chainlink Price Reference Data (e. g. BTC/USD, ETH/USD, etc) to “create KRW swap rates for cryptocurrencies. ”
Chainlink’s in-demand oracles
The release said Chainlink oracles allow for a “massive explosion” in blockchain-based fintech applications operating cross-border plus DeFi applications building homegrown products priced in the local foreign currency KRW.
As CryptoSlate documented previously — oracles have found their place on betting applications, golf online games , exchanges, and, simply yesterday, electronic identity . The company also received a boost final month after the World Economic Forum (WEF) selected Chainlink as one of its ‘Technology Pioneers’ for 2020.
We’re privileged that @wef has chosen @Chainlink as a 2020 TechPioneer! #techpioneers20 https://t.co/CDI4a7zWFS
— Chainlink – Official Station (@chainlink) 06 16, 2020
For your uninitiated, oracles are a decentralized data solution that brings data from “outside” the particular blockchain to within. This really is required as blockchain can not verify data — they will only provide storage.
Chainlink’s decentralized oracle network guarantees any supplied data is certainly both accurate and resists manipulation; ensuring reliability plus security for a network. Issue lapses, there’s a possibility associated with putting users’ funds in danger (similar to what MakerDAO underwent in Apr ).
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