QANplatform Integrates Chainlink Oracle Solution to Connect to External Data

Ibiam Wayas by Ibiam Wayas - 11:34 PM Feb 19, 2020
QANplatform Integrates Chainlink Oracle Solution to Connect to External Data

QANplatform, a quantum-resistant blockchain platform announced on Tuesday, it has partnered with Chainlink to Integrate its decentralized oracle framework on its network, to enable the interaction with data and systems outside QAN blockchain.

Through the integration of Chainlink, which allows smart contracts to access off-chain data feeds, and web APIs securely, the developers of the platform will now be able to access tamper-proof real-world data for smart contracts.

Per the report, QANplatform provides several security properties; however, it lacks the capability to interact with other resources, systems, and data that are not within the QAN blockchain.

This could be related to the fact that blockchains can only carry out calculations on data stored within their network independently, while also maintaining security. Many people see this as a hindrance to blockchain development as well.

Notably, it causes a significant roadblock in blockchain progression, given that different smart contracts on a blockchain need to interact with resources outside their blockchain in order to create more value. A typical example is derivative contracts, which depend on specific market data to make a decision on which party should be settled.

QANplatform to Interact With External Resources

With Chainlink's market-leading oracle solution, QANplatform users are positioned to access end-to-end solutions that are linked to the real-world. The developers will also be able to create logic based on real-world situations.

More importantly, the platform gains a secure connection to the Internet of Thing (IoT) devices, and can also perform decentralized sourcing of QARK/USD price. This will allow enterprises to calculate transaction fees in the US dollar and pay with QARK.

The CTO and co-founder of QANplatform, Johann Polecsak said in the report, that it is necessary to grant developers the ability to establish efficient smart contracts on time since it is essential in meeting the desired goal of mainstream adoption. “We can only achieve that through real-world integration and co-existence with platforms that people already use." In a similar move, Ontology, a blockchain platform, partnered with Chainlink to deploy its oracle solution in developing data-driven smart contracts.

About The Author
Ibiam Wayas

Ibiam WayasIbiam Wayas is an optimistic crypto news reporter who also enjoys tech writing. He is an introvert who spends much of his time on the internet studying facts that will help him excel in the digital/cryptocurrency space.


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