We are partnering with Chainlink, the decentralized oracle network. Chainlink can support Klaytn’s smart contracts to connect with resources outside the blockchain (off-chain), enabling applications that are integrated with the real-world data and systems.

Blockchains are decentralized infrastructure for processing multi-party transactions with a high degree of integrity. Blockchain transactions, referred to as smart contracts, have basic design logic that stipulates “if x event happens, execute y action.”

The problem is that the blockchain can only compute smart contracts using data already stored in the blockchain (on-chain) and much the data about real-world events is stored outside the blockchain (off-chain).

An “oracle” is a piece of middleware that allows the blockchain to know what’s happening off-chain in the real world. Oracles attest to the occurrence of events, translate the event data into a readable format, and relay that information to the smart contract on the blockchain. The smart contract then uses the data to execute more advanced actions, such as paying out a crop insurance contract when it rains or settling a financial contract based on the current price of an asset.

Since the oracle is an extension of the smart contract, the oracle must be as secure as the underlying blockchain to maintain end-to-end security. Chainlink is a general-purpose framework for building decentralized oracle networks to ensure the integrity of both the data and its delivery to the smart contract.

Chainlink can open up a variety of new use cases on Klatyn across a variety of markets.

“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.” — Sergey Nazarov, the Co-Founder of Chainlink

About Klaytn

Klaytn is a public blockchain focused on the metaverse, gamefi, and the creator economy. Officially launched in June 2019, it is the dominant blockchain platform in South Korea and is now undergoing global business expansion from its international base in Singapore.

These business expansion activities are supported by the Klaytn Growth Fund, which aims to grow the ecosystem of companies built on Klaytn. The fund is managed and disbursed by Klaytn Foundation, a Singapore-based non-profit organization established in August 2021.

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