· Cardano partners with Chainlink
· Chainlink to power Cardano smart contracts
· The partnership was announced during the Cardano summit
On Saturday, Cardano announced a partnership with Chainlink for Oracle integration onto the platform. In the blog post, Cardano noted that Chainlink partnership would help developers access oracles for building smart contracts for DeFi applications. This announcement was made during the annual Cardano summit that took place on September 25.
Integrating Oracles on the Cardano DLT will make it possible for developers to access high-grade data through Chainlink that can be used in smart contracts. According to the IOHK founder, Chainlink Oracles are needed to advance smart contracts, as they provide real data to the blockchain. He added that this collaboration was in line with Cardano’s mission of providing the best tools to aid developers in creating lasting solutions for the world.
Oracle networks by Chainlink supply blockchain networks with data. Oracles can also help smart contracts to articulate results such as cryptocurrency rates, electric results, and even sports data. Oracles can also be used to operate hybrid smart contracts on DLTs. Currently, oracles are used to guarantee the security of billions of dollars locked in gaming apps, DeFi apps, insurance platforms, among other industries.