Chainlink’s (LINK) latest partnership changes how digital contracts are verified 🚨 This article is 4 years old...
Chainlink’s (LINK) latest partnership changes how digital contracts are verified
2 min read
Updated: Jul. 24, 2020 at 12:24 am UTC
Photo by Sharon McCutcheon on Unsplash
Chainlink does not seem like it’s stopping with its partnerships and adoptions anytime soon. Yet another project onboarded the blockchain agnostic platform’s oracles solutions today — this time for changing how legal documents are secured and verified worldwide.
Blockchain-based e-document solution FirmaChain said it is integrating Chainlink to bolster the digital contract signing process, as per an announcement Thursday.
Blockchain-based e-document solution @FirmaChain is integrating Chainlink to create more seamless digital contracts. For example, car rental contracts using #Chainlink to validate driver licenses within the signature process for better customer experience.
— Chainlink – Official Channel (@chainlink) July 23, 2020
Chainlink oracles onboarded to FirmaChain
Chainlink, a decentralized oracle network that makes real-world information available to blockchain platforms, will allow users of FirmaChain to check whether specific terms and conditions of a contract were fulfilled in a highly secure and reliable manner.
This vastly expands the functionality of the contract, turning it from a static agreement to a dynamic agreement that can understand what’s happening in the outside world and execute automated actions based on this information, the release noted.
It added “Chainlink nodes have credential management capabilities, allowing them to handle login credentials. This is essential functionality for allowing the contract to connect with permissioned data sets that sit behind paywalls and/or credentialed logins.”
FirmaChain said Chainlink also provides the platform with a technical framework that develops “strong availability and security guarantees” using its decentralized “aggregation of multiple secure oracles (nodes) and high-quality data sources to avoid any single point of failure in the delivery of external data on-chain.”
Youngin Yoon, the CEO of FirmaChain, said of the integration:
“Providing a seamless customer experience is our number one priority. Our focus is firmly set on searching reliable methods that would allow FirmaChain to successfully bring off-chain data into our on-chain solution.”
Yoon added the Chainlink integration would propel the firm’s services alongside introducing dynamic contracts to “high-quality, real-world data.”
Document verification a rising concern
The partnership aims to solve a major concern of the digital world; as legal bindings move from paper to computers, how does one verify their authenticity? Better put, how do participants know if a digital sign was, indeed, signed by the intended counterparty or an imposter?
Lapses could be rife. The above affects many facets of today’s society, right from apartment leases to legal filings to tax reports to driving licenses.
FirmaChain steps up to tackle this problem. The e-contract platform has teams based in Singapore and South Korea, seeking to resolve social and legal issues (contracts, notarial, etc.) with written contracts through the use of electronic contracts, its blog notes.
The firm’s “duite.” blockchain suite holds drafted contracts that are encrypted and uploaded on a blockchain so that all participants can share, compare, and verify the hash value of the encrypted contracts. This prevents forgery or tampering.
[Announcement] Offical launch of Firmachain’s e-contract platform, duite.!
Check out our latest posting.
How to use our new e-contract platform Duite.
Thank you
? https://t.co/RUCq10NNIl— FirmaChain (@FirmaChain) November 21, 2019
Chainlink’s oracles help with the verification bit. For the uninitiated, oracles are a decentralized data solution that fetches data from “outside” the blockchain to within. This is required as blockchain cannot verify data — they only provide storage.
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Chainlink is a decentralized oracle network that connects smart contracts on the blockchain to real-world data.
