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TECNALIA ties with Chainlink to explore oracles applications beyond DeFi

source-logo  invezz.com 14 September 2021 18:45, UTC

TECNALIA, a renowned research and technological development center in Europe, has joined hands with Chainlink Labs to identify scenarios in which they can apply oracles beyond the DeFi Sector. A press release unveiled this news on September 13, noting both organizations seek to introduce hybrid smart contracts and oracles in leading global industries. In so doing, the companies hope to offer stakeholders additional value, such as greater efficiency, lower costs, higher security guarantees and enhanced privacy.

In the news release, TECNALIA touted Chainlink, saying it is a market leader in Oracle technology. Additionally, the network has a generalized framework for creating customized Oracle solutions. To this end, TECNALIA believes Chainlink is the ideal partner for exploring how oracles can be leveraged in various market segments.

Commenting on this partnership, the Head of Cybersecurity and Blockchain Research of TECNALIA, Óscar Lage, said,

Chainlink Lab’s impressive track record of delivering cutting-edge research and tangible solutions make them an ideal partner to expand hybrid smart contracts and oracles in a way that helps realize emerging trends around data, automation, IoT, and other initiatives in the fourth industrial revolution.

Leveraging hybrid smart contracts and oracles to revolutionize global industries

Reportedly, the duo intends to research the use of oracles in fields such as energy, industry 4.0, data economy, and transportation, among others. Explaining how hybrid smart contracts and oracles will work together to deliver better results, TECNALIA said oracles would extract, aggregate, and compute datasets in the real world before relaying single, aggregated results to blockchain networks.

On the other hand, hybrid smart contracts would automate on-chain data and asset transfers between organizations based on satisfaction of compliance failure. After oracles introduce external data and trustless computations to blockchains, hybrid smart contracts can provide a framework that features the throughput, confidentiality, and universal connectivity required to create solutions for large enterprises and wide-scale global projects.

Bullish about the possibilities that come with this partnership, Sergey Nazarov, the Co-Founder of Chainlink, said DeFi was the initial fit for Chainlink oracles. However, he claims hybrid smart contracts are only starting to unveil the value they can unlock across other leading industries. He added that his company is excited to work with a proven research company like TECNALIA to expedite the adoption of oracles and hybrid smart contracts in such sectors.