Oracle Blockchain and Chainlink Innovation Project with FusionLDB
Oracle has launched a collaborative blockchain project with Chainlink to deliver the commercial benefits of smart contracts. FusionLDB from Ld8a Ltd is one of the selected technologies to underpin this initiative.
FusionLDB provides a key role in ensuring the integrity of off chain data by holding source data for Chainlink in an immutable, append only ledger database. Smart contracts require off chain data to be readily available. The capabilities of FusionLDB mean that existing, complex enterprise processes can make this data available with minimal cost and implication to those existing systems.
The requirements for smart contracts are best described in the 2017 ChainLink Whitepaper:-
“Today, the lion’s share of traditional contractual agreements that have been digitally automated use external data to prove contractual performance, and require data outputs to be pushed to external systems. When smart contracts replace these older contractual mechanisms, they will require high-assurance versions of the same types of data inputs and outputs. Examples of potential next-generation smart contracts and their data requirements include:
• Securities smart contracts such as bonds, interest rate derivatives, and many others will require access to APIs reporting market prices and market reference data, e.g. interest rates.
• Insurance smart contracts will need data feeds about IoT data related to the insurable event in question, e.g.: was the warehouse’s magnetic door locked at the time of breach, was the company’s firewall online, or did the flight you had insurance for arrive on time.
• Trade finance smart contracts will need GPS data about shipments, data from supply chain ERP systems, and customs data about the goods being shipped in order to confirm fulfillment of contractual obligations.”
The power of FusionLDB is the simplicity the environment brings in underpinning these data requirements. FusionLDB provides a straightforward means of capturing complex business data in an immutable, high-assurance, verifiable ledger.