Since Chainlink is as a decentralized oracle network, it provides access to payment systems, data and cloud providers, API’s, IoT devices, and other blockchain-related services. Chainlink’s software and external adapters allow for data-exchange compatibility between 2 different systems.
According to the post published on Ontology’s Medium blog, the Ontology development team says that the partnership with Chainlink provides a new opportunity for the Ontology platform with regards to forming externally connected smart contracts, which has enormous benefits for all ecosystem developers.
Meanwhile, Chainlink took to twitter and stated:
“We’re excited to partner with @OntologyNetwork, one of the premier enterprise-focused #smartcontract platforms in China. Chainlink will provide developers building on Ontology with secure & reliable oracles to bring data-driven automation to global markets.”
The Oracle Problem on the Ontology Network
An oracle essentially lets off-chain data to interact with smart contracts. This exchange of data, however, poses a security risk, which is the ability of the oracle to access data, as well as to control how smart contracts respond to output.
The main goal of Ontology is providing various data to developers around the world. The platform plans to reduce the Oracle problem so that developers can safely handle data on any blockchain.
Jesse Liu, Ontology’s marketing director, said:
“We’re working with Chainlink to improve the network environment and bring more developers to the ontology network.”
The integration with the Chainlink network will allow Ontology users to customize how their smart contracts communicate with off-chain connections.
Ontology believes this integration will provide developers in their ecosystem multiple use case opportunities with Chainlink’s off-chain connection capabilities.
Chainlink’s Growing Partnerships Globally
Over the last few months, Chainlink has endeavored to expand and decentralize its ecosystem by adding project integrations, data providers, node operators, and developers from around the globe.
They have also incorporated with new projects like Ontology and TomoChain while integrating several Asian based node operators.
Furthermore, Chainlink recently collaborated with the startup arm of American computer tech powerhouse Oracle, to facilitate Oracle’s blockchain experts to help startups use Chainlink’s decentralized oracle to monetize APIs through smart contracts on the Oracle Platform.