Cardano Blockchain to Integrate Chainlink Oracles for Accessing Real-Time Market Data

Cardano Blockchain to Integrate Chainlink Oracles for Accessing Real-Time Market Data
  • The integration will help Cardano developers build smart contracts for DeFi applications
  • Data feeds on sports and weather to follow, for use with insurance, gaming and NFTs

Information feeds for real-time market prices will be linked into Cardano, the largest green blockchain. The initiative aims to boost the development of software applications for the booming decentralized finance (DeFi) industry.

Access to real-world databases will be supplied through Chainlink decentralized ‘oracle’ networks—the market-leading solution for providing tamper-proof, high-quality external data to blockchains, enabling ‘smart contracts’ to execute around datasets such as election results, sports stats, and the rates of cryptocurrencies. As the preferred oracle solution for Cardano, developers using the blockchain will be able to feed Chainlink’s institutional-grade data into their smart contracts – blockchain-based digital agreements that execute automatically once certain predefined conditions are met. 

This collaboration between Input Output and Chainlink Labs will give access to a wealth of secure data, helping decentralized finance achieve its promise of building a less costly and more inclusive global economic system. At the heart of the potential of DeFi is the use of blockchain-based peer-to-peer technology to build reliable and transparent financial products using oracles and smart contracts. 

Market price feeds will be followed by support for other Chainlink decentralized services, such as sports data for prediction markets, weather data for parametric insurance products, and verifiable randomness for gaming and digital collectibles such as NFTs. 

“Oracles are essential to making real-world data accessible on Cardano and they support advanced smart contracts, such as DeFi applications,” said Charles Hoskinson, founder of Input Output. “Input Output 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.” 

He added: “Not only will integrating Chainlink price feeds reduce the go-to-market time for Cardano developers, but it will establish a secure foundation for Cardano’s DeFi ecosystem, helping make Cardano more trusted by users around the world.” 

Sergey Nazarov, co-founder of Chainlink, said: “We’re excited to leverage our extensive experience and expertise by establishing native support for Chainlink on the Cardano blockchain and supporting its next stage of growth into markets like DeFi and beyond.

“Similar to programming interfaces in web app development, developers building DeFi applications on Cardano will be able to plug-and-play Chainlink price feeds into their smart contracts to quickly gain access to high-quality, real-time price data on a wide range of assets while still maintaining robust security and uptime. Ultimately, this will empower developers on Cardano to build next-generation applications quicker and more securely.”

Publication date: 
09/25/2021 - 17:30

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