Blockchain technology went beyond cryptocurrency, after Ethereum Platform. It was integrated with smart contract, but smart contract can only manage data on the blockchain. Its potential and ability to offer tamper-proof decentralized application for real world uses is limited as the smart contract built on Ethereum lacks in connecting it to the real world industries. To overcome this, ChainLink network was introduced. It is a blockchain based solution that focuses on bringing the benefits of smart contract to more than on-chain data. It provides reliable tamper-proof inputs and outputs for complicated smart contract on Ethereum platform, though it supports other blockchain platforms in the future. This platform mainly aims to bridge the gap between blockchain and the real world application, giving smart contracts to access data feeds, API and payments.
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An Oracle is an agent that identifies and verifies the real-world data availability and submit the information to a blockchain, and used by the smart contract. It is specially designed to for use of data in smart contract on the blockchain. ChainLink is a decentralized oracle network that enhance connectivity between on-chain and off-chain data.
The on-chain function is the first process which includes oracles, that are created to process user data request. Oracles will take user requests that are submitted to the network, for off-chain data and send them to appropriate smart contract that is matched with the oracle and provide the needed off-chain data.
This consists of off-chain oracle nodes that are connected to the Ethereum or other blockchain network. The Off-Chain nodes collects the data as requested by user and these nodes process the data through ChainLink Core. When data processing is done, ChainLink core sends the data to on-chain oracle for result aggregation.
This is what differs ChainLink’s decentralized nature from other oracle protocols. Source and oracle distribution are the keys to security and decentralization of oracle network as it evades centralization. Source distribution helps to pull the data from variety of sources and maintains decent network reputation. Oracle distribution has data requests to several oracles to maintain decentralization.
The ChainLink is a basically a decentralized oracle network, that identify, verify and connect the blockchain with the real-world data. By doing so, this makes the smart contract functionality to work with another blockchain or off-chain blockchain network using external adaptor. This can be implemented on any blockchain platform, which has paved way for smart contract for fiat currency, credit cards, or any other data. This is the major benefit of ChainLink solution. The other features of ChainLink blockchain are listed below.
Osiz Technologies is a prominent Chainlink Blockchain Development Company, having year of experience in delivering DApps on Chainlink platform. With industry proven experience, we have become expert in handling complex process. We posses the following qualities of the best Chainlink Blockchain Development company.
We have strong experience and technical knowledge on blockchain technology and smart contract development. Hire our highly dedicated team of Blockchain Developers to build your own blockchain application on the Chainlink Platform, with custom smart contract functionality. Our developers adept at delivering the perfect blockchain solution as per your business requirements, in a cost-effective way.