Cardano to Collaborate With Chainlink for Advanced Smart Contracts

Kavya  |  Sep 27, 2021

Cardano's team just released a blog post announcing that they are collaborating with Chainlink which would result in the integration of Chainlink's oracles. These will aid developers in the creation of smart contracts for Cardano DeFi applications.

The collaboration was revealed today, September 25, at the Cardano Summit.

Cardano And Chainlink Enter Partnership to Develop Advanced Smart Contracts

Cardano established a collaboration with Chainlink at the 2021 Cardano Summit to provide further help for developers creating smart contracts on the Cardano blockchain by integrating oracles.

Chainlink has announced the release of its first Cardano oracles. Oracles will enable market pricing feeds as well as other services such as sports data for prediction markets and weather forecasting for insurance products. 

They will also offer verified randomization for digital collectibles like non-fungible tokens (NFTs).

They can also handle weather data (Chainlink is already collaborating with certain fintech businesses to introduce parametric insurance to South Africa) and other forms of data.

Chainlink oracles aid in the execution of hybrid smart contracts on any DLT network. 

It now secures billions of dollars in DeFi applications, gaming apps, insurance platforms, and other major sectors.

The Smart Contracts Will Be Used for Gaming and Digital Collectibles

The collaboration of these oracles into the Cardano DLT will enable development teams to use institutional-grade data from Chainlink in their smart contracts. 

Oracles will enable prediction applications that deal with sports data, weather data required for parametric insurance apps, and so on. 

They will also be used in gaming and digital collectibles, such as NFTs, through numerous collaborations.

According to IOHK founder Charles Hoskinson, Chainlink oracles are required for sophisticated smart contracts and will feed real-world data to the Cardano blockchain. 

He underlined that Cardano wants to give developers the finest tools for building real-world solutions.

Hoskinson feels that the Chainlink oracle integration will also offer a solid basis for the Cardano DeFi ecosystem.

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