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ICON Collaborates with Chainlink in Rising Trend of Crypto-Projects Working Together

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ICON announced a new collaboration with Chainlink, the leading provider of oracle solutions, to enable off-chain blockchains to communicate with one another and with global non-blockchain systems.

ICON stated that through Chainlink’s oracles, they would bring real data to the ICON’s public blockchain. Chainlink will support highly secure off-chain connectivity in ICON DApps.

The announcement relates to another statement made on the same day, in which ICON stated that they are working on visualizing public blockchain with a focus on finance, oracles, and interchain. 

Chainlink Partnership Will Enable ICON Users to Bring Real-World Application to Blockchain-Based Networks

As a decentralized network, Chainlink’s oracles enable smart contracts to open up interchain communication between off-chain blockchains as well as with traditional systems using the centralized networks. 

Icon stated that they discovered Chainlink in their quest to enable high security and off-chain connectivity in ICON DApps: 

“It gives smart contracts secure and reliable access to data providers, web APIs, enterprise systems cloud providers, IoT devices, payment systems, other blockchains, and much more.”

ICON added that upon completion of the integration: 

“Anybody building on the ICON public blockchain will have the ability to bring real-world data into their blockchain-based business using a secure and decentralized oracle network provided by Chainlink.”

ICON Ecosystem Will Now Venture Into Sports, Traditional Markets and Inter-Blockchain Transactions

The changes that Icon expects to occur in their ecosystem are linked to the Chainlink Oracle smart contract properties. Maker DAO, a completely decentralized digital currency, is part of ICON’s plans to make ICON DApps fully decentralized.

ICON stated that developers could take advantage of the smart contracts to create sports DApps, decentralized financial products by using data from traditional financial markets, and integrate data from off-chain DApps and initiate transactions.

In the meeting scheduled for February, ICON plans to meet with leaders from MakerDAO and Chainlink to discuss the interchain as part of ICON’s road map. ICON stated: 

“Each of these projects is well-known globally within the finance, oracle, and interchain focus areas. During our discussions, we’ll help visualize these topics in more detail and hopefully give you a clearer picture of how they can be developed to bring blockchain adoption to the masses.”

A Rise in Number of Joint Projects between Blockchain and Crypto Startups

ICON and Chainlink are just one of the many tech startups that have formed strategic partnerships to streamline the process of creating mainstream blockchain-based solutions.

Forbes referred to 2019 as the year of enterprise blockchain due to the number of high profile partnerships between blockchain and crypto partnerships that were formed. The Wallstreet blockchain Alliance teamed up with R3 on the Corda blockchain to develop innovative and creative solutions.

AWS by Amazon also partners with other blockchain developers to build innovative solutions for AWS customers. 

Wayne Jones
Wayne is a Blockchain enthusiast and expert in crypto trading. Currently, I cover trendy issues on digital currencies.

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