Since the most trusted data sources often exist on non-blockchain systems, there needs to be a way to access them in a manner as secure as the blockchain itself. This is known as the oracle problem and Chainlink is the premier oracle solution for most of the blockchain ecosystem.

An oracle is a digital agent employed by a smart contract to retrieve and/or connect it to data and systems outside its native blockchain (off-chain). Oracles enable this off-chain connectivity for the smart contract by reformatting external connection points (APIs) so that two different software applications are compatible to exchange data. The oracles can then pull data into the smart contract and/or execute actions on external systems based on predefined instructions and endpoints.

Chainlink takes it a step further by adding decentralized security to the oracle mechanism triggering a smart contract. Through Chainlink, developers can protect against a centralized oracle being a single point of failure by decentralizing the data delivery process using multiple oracles to gather the same data point and then aggregate their responses together. They can also protect against one data source being the single source of truth by gathering data from multiple sources and aggregating them together using customized models, such as producing an average, tossing out outliers, etc.

By combining QANplatform’s highly secure, quantum-resistant blockchain with Chainlink’s decentralized oracle network, users get access to a secure and reliable end-to-end solution that is fully connected to the real world. This enables QANplatform’s developers to create logic based on real-world situations, which is a huge value-add to the network.

Some of the potential use cases we are considering once integrating Chainlink, include:

Decentralized sourcing of the QARK/USD price to enable enterprises to calculate transaction fees in USD, yet pay with QARK on the backend.

Secure connection to IoT devices to open up new insurance, supply chain, and logistics products

Johann Polecsak, CTO and co-founder of QANplatform commented on the integration: