Decentralized oracle network Chain link and decentralized real-world asset lending protocol NAOS Finance today announced a partnership to develop a Chainlink oracle solution for primary and secondary market financial assets.
“We are pleased to support NAOS in providing their users with a tamper-proof feed, providing more access to data,” said Daniel Kochis, Head of Partnerships at Chainlink Labs. real-world finance that was not previously available in the DeFi ecosystem.”
Kevin Tseng, Founder of NAOS Finance, adds, “We have a long list of corporate borrowers looking to get out of their geographic constraints for funding and looking to partner with Chainlink and NAOS for global reach.
Chainlink is coming soon at NAOS
The custom-built oracle solution will bring credit agency, banking, insurance, government, and telecommunications data on-chain, allowing smart contracts to interact with non-monetary financial assets electronic.
NAOS lenders will have access to essential financial data such as cash flow/balance, margins, and interest rates on the underlying assets.
In addition, borrowers will be able to build a credit profile on NAOS and gain access to global capital at rates optimized for the same risk and reward profile. This initiative allows NAOS to truly decentralize existing banking and credit rating infrastructures.
To illustrate, imagine a Bloomberg terminal for global SMEs isolated from the global economy and served only by their regional banking partners.
With the implementation of Chainlink, NAOS lenders access the same financial data that was previously only available to a few privileged financial institutions. Funding partners will be able to leverage a global source of truth with greater certainty in their decision making.
How oracles work
Oracles, for those who haven’t started, are third-party services that get information from outside a block chain to in it, allowing smart contracts to securely access off-chain feeds, web APIs, and traditional banking payments.
The market leader is Chainlink’s decentralized oracle networks, providing developers with the largest collection of high-quality data sources and secure off-chain computations to extend the capabilities of contracts. smart on any blockchain.
Get one edge on the cryptocurrency market
Access more crypto details and context in each article as a paid member of livetechit Edge.
Join now for $19/month Discover all the benefits
Like what you see? Sign up for updates.