Chainlink Labs has joined Google, IBM, Boeing and EDF to help provide stability and decentralisation to Hedera’s public network.
Enterprise-grade decentralised public network Hedera Hashgraph announced yesterday that Chainlink Labs had joined the Hedera Governing Council.
Hedera leverages a distributed ledger technology (DLT) known as the Hashgraph to provide a network where fast, fair and secure applications can be deployed.
The project is owned and managed by the Hedera Governing Council, which comprises 39 diverse organisations committed to governing software changes and maintaining the stability and decentralisation of the public network. Council members include Google, IBM, Boeing, LG, EDF, Deutsche Telekom and University College London.
In collaboration with Hedera, Chainlink will be implementing initiatives that help bridge the gap between traditional finance and decentralised finance (DeFi), by exploring enterprise use cases of Hedera’s technology and decentralised applications (Dapps).
Hedera Hashgraph CEO, Mance Harmon, commented, “As the most widely adopted decentralized oracle solution in the market today, Chainlink is already used to secure billions of dollars in assets for applications around the globe. Their potential on the Hedera network, which is already the most used enterprise-grade public network, is limitless. We are excited to be expanding our relationship with Chainlink, which will be the first Web 3.0 company on the Hedera Governing Council, to enable the most robust applications of the decentralized future.”
Chainlink’s decentralised oracle network expands the capabilities of smart contracts by providing access to real-world data and off-chain computation. Chainlink’s data feeds are already used by many blockchain projects, including Aave, Synthetix, Yearn.finance, Celsius, Theta, Unstoppable Domains and Crypto.com.
Chainlink Labs’ Managing Director of Business Development and Strategy, David Post, added, “As enterprise adoption of distributed ledger technology continues to advance, decentralized oracle solutions become critical for every vertical – from DeFi and insurance, to gaming and NFTs, and more. We’re continuing to expand our suite of smart contract-related services to power a vast array of secure, feature-rich applications, so it is a very natural progression for us to join the Hedera Governing Council and work with the leading enterprise-grade public network and their other Council members to make Chainlink the default oracle provider for enterprise applications.”