Cardano has entered a partnership with Chainlink, the industry leader in oracle solutions, to help expedite the growth of its DeFi ecosystem. The announcement was made at the two-day Cardano Summit conference that took place over the weekend.
The conference, dubbed “the biggest online blockchain event ever,” was held on September 25-26, 2021. The two-day event featured presentations, reports, future outlooks, as well as panel discussions. The event showcased and provided insights into new collaborations that are believed to be crucial to the Cardano (ADA) ecosystem’s future development. Among other partnerships announced is one formed with Dish Network, a telecommunications provider.
The best of the happenings at the summit was the reveal of integration with Chainlink (LINK). The technology is used to enable smart contracts by providing high-quality data. In a nutshell, Chainlink allows off-chain data to be coupled with on-chain protocols.
Reliable weather data is an example of data from oracles specified in the IOHK statement. It emphasised the importance of it to “FinTech startups that are trying to enable parametric insurance in sub-Saharan Africa.” Some more of the examples incorporated were election results, sports data, and crypto prices, all of which will allow DeFi apps to function without the use of third-party authentication.
Cardano has been taking very brave steps in its approach to DeFi, posturing itself as a serious challenger to Ethereum (ETH). As of today, Chainlink is safeguarding billions of dollars in the DeFi, gaming, and insurance businesses. Chainlink solutions provide a uniform gateway to all blockchains for global organisations and top data providers.
IOHK founder Charles Hoskinson said of the partnership: “IOHK is committed to providing developers with the most secure and robust tooling for building useful solutions on Cardano, making it an easy choice to integrate Chainlink’s market-leading oracle solution.”
Data integration will “reduce the go-to-market time for Cardano developers, but it will establish a secure foundation for Cardano’s DeFi ecosystem,” he continued. This, he claims, will assist to build user trust in the ecosystem as a whole.