CenterPrime, a personal Hyperledger based mostly blockchain platform with entry to the South Korean Open Banking API, is now sharing overseas exchange (FX) charge knowledge from giant Korean banks to Chainlink’s decentralized oracle community.
Collaborating banks embrace Hana Bank, Shinhan Bank, Nonghyup Bank, and Industrial Bank of Korea (IBK).
As talked about in a Medium weblog put up, revealed on July 25, 2020:
“This integration with Chainlink marks a major breakthrough for the Korean Fintech industry. … applications will be able to access decentralized foreign exchange rates compiled by the best banks in [South] Korea. Projects will be able to access high quality Korean bank sourced exchange rates in the local currency KRW.”
The weblog put up famous that this growth may probably end in a major enlargement of blockchain or distributed ledger know-how (DLT)-enabled Fintech apps, notably those who supply cross-border funds options. This newest growth must also help decentralized finance (DeFi) apps which might be growing homegrown merchandise which might be priced within the Korean wons.
The announcement famous:
“After extensive research into the best methods of provisioning decentralized KRW-denominated exchange rates for use in Korean Fintech and DeFi, we identified Chainlink’s price Reference Contract model as the best solution in the market, providing both highly secure infrastructure and an open framework that can satisfy all the different stakeholders.”
Chainlink price reference feeds will likely be launched on the Ethereum (ETH) blockchain. They may also be deployed on different blockchain or DLT platforms by way of Chainlink (together with public or permissionless and enterprise or personal Korean blockchains).
The announcement said:
“By opening up access to these key price feeds, we anticipate a major uptick in development within the Korean Fintech and DeFi market.”
At current, CenterPrime is engaged on sharing this decentralized pricing knowledge with a “Public Cloud Local Currency Wallet” (beneath growth). The pockets may work alongside different reside Chainlink price Reference Information (e.g. BTC/USD, ETH/USD, and many others) to create KRW exchange charges for decentralized cryptocurrencies.
Chainlink has teamed up with Google, Oracle, and SWIFT to be able to develop options for sharing knowledge in a safe method. The World Financial Discussion board (WEF) has chosen Chainlink as certainly one of its “Tech Pioneers” for this yr.