Over the past decade, a certain side of the Internet has been developing a decentralized form of financial mechanism that is aimed at transforming how we deal with money and financial transactions in general: the birth of the blockchain technology has paved way for virtual money – aka cryptocurrency – which leads us towards the future of finances. The blockchain is a form of public ledger that requires no reconciliation of transactions, resulting in a seamless digital economy powered by a node-based exchange of cryptocurrencies such as Bitcoin and Ethereum. Leveraging this sheer power is a tech startup that wants to usher change into the landscape of smart contracts. This startup, called SmartContract, launches its product called ChainLink, a way for anyone to make seamless connections between smart contractual agreements and payment networks as well as web-based APIs.
While smart contracts based on present blockchain technology can be quite difficult and perplexing for many to completely understand, SmartContract’s ChainLink makes smart contracts as easy to understand as simple logical instructions. These instructions are based on logical operators such as “if”, “and”, and “then”, among others, and presents the overview of the transaction in a simplified format. This front-end solution to smart contracts makes ChainLink a seamless way to connect critical resources, such as payment networks, APIs, and backend systems, to the digital ledger that is the blockchain. Before ChainLink, it would take more steps to solve connectivity issues between external resources and the smart contracts, wasting time and effort along the process.
As smart contracts are logic-based, transactions only occur when certain conditions that are specified in the agreement are met. This allows for more secure product use cases while staying completely free from the associated risks of violated rules on either side of the transaction. SmartContract’s ChainLink acts as a secure blockchain middleware that facilitates safe and easy connectivity between any of your existing APIs, widely-used payment networks that uses fiat currencies such as PayPal, Visa, and MasterCard, and other public or private chains based on other cryptocurrencies. With ChainLink, SmartContract can offer anyone the secure way towards decentralized blockchain infrastructure for logical trust-based agreements to build upon confidence and trust within the digital commerce network.
SmartContract has been paving the way towards the revolutionary digital commerce landscape since its humble beginnings in San Francisco, California. This collective effort of like-minded individuals who are passionate about the future of financial technology is backed up by Data Collective, a San Francisco-based investment group.