South Korean banks will now feature Chainlink’s decentralized oracles services according to the announcement made back on Friday, so let’s find out more in the Chain link news today.
Hyperledger based CenterPrime, has to access to the APIs of the top South Korean banks that will now share the data feeds on Chainlink. As a result, the app developers can now source their information from major companies such as the Industrial Bank of Korea and Shinhan Bank. The integration of the first broader baking system as the government pushed previously for wider fintech efforts but none of them involve a public blockchain.
— Chainlink – Official Channel (@chainlink) June 16, 2020
CenterPrime said that they are looking into companies that are able to facilitate decentralized KRW- denominated exchange rates for use in DeFi and Korean Fintech:
“Chainlink has extensive experience building decentralized data feeds, having already created numerous decentralized price reference networks that secure over a billion dollars in value for many leading DeFi applications.”
Top Korean banks: Hana Bank, Shinhan Bank, Nonghyup Bank, and Industrial Bank of Korea select #Chainlink and CenterPrime to bring their forex data on-chain, transforming the capabilities of open banking services, fintech and #DeFi. https://t.co/sMS24ppb1G
— Chainlink – Official Channel (@chainlink) July 25, 2020
With the latest partnership, DEXs and Dapps can provide verified forex data in their products and the process can be decentralized totally, opening the market for global access to the blockchain. For now, Chainlink’s price reference feeds will get deployed on Ethereum but this can then be ported to other blockchains such as Chainlink’s. CenterPrime also said that the development will boost DeFi adoption and further development of the sector:
“By opening up access to these key price feeds, we anticipate a major uptick in development within the Korean Fintech and DeFi market.”
They added that the data will be shared on the “public cloud local currency wallet” that can be combined with the Chainlink live price reference data in order to create KRW exchange rates for crypto. The release said that LINK oracles allow for a huge explosion in blockchain-based fintech apps on operating cross-border and DeFi apps that are building homegrown products that are priced in the local KRW currency.
Oracles are finding their place on betting apps, exchanges, and digital identity. The company also received a huge boost last month after the World Economic Forum that selected LINK as one of the latest “Technology Pioneers” for 2020. For the ones that are not into the thing yet, oracles are decentralized data solution that can fetch data from outside the blockchain and get it in. This is required as blockchain cannot verify the data that only provides storage. Chainlink’s decentralized oracle network ensures that supplied data is accurate and resistant to manipulation that ensures security for the network and if this lapses, there’s a huge chance that users’ funds will be put at risk.
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