The process of integrating blockchains and enterprise systems has been hard and therefore adoption was difficult; however, with the coming of ChainLink Oracle Systems the required infrastructure to bridge the infrastructure gap is made possible. The new interoperability framework comes with due instructions.
Enterprise systems are software packages used to track and control all the complex tasks in the organization of the business. The reporting and decision will become very easier with these systems.
Enterprise systems do the job of integrating several applications, protocols and business like in supply chain management and customer relationship management systems. Thus, organization wide coordination and integration of the key business processes help in planning the resources of the organization.
Enterprises obviously do want to capitalize on the blockchain technology; however, to make this possible, they do not want to rebuild their infrastructure right from scratch. They are looking for a system that will help them securely connect with external systems.
The World Economic forum in collaboration with ChainLink recently published, the White Paper, “Bridging the Governance Gap: Interoperability for Blockchain and Legacy Systems.” This paper provides a holistic standard to ensure adoption of oracles for global enterprises, while facilitating security requirements for the enterprise use cases to adopt blockchain oracles. The switching costs are comparatively affordable.
Blockchains help automating transactions in complex networks providing for Automation, Security, Reliability, and Transparency. ChainLink have made it possible to talk to other blockchains easier.
Reinstating on the importance of interoperability, Sydney Ifergan, the crypto expert tweeted: “ChainLink (LINK) by way of their interoperability facilitate real world outcomes that are accurate and most desired. Good for interoperability of enterprise functions propelling economic functions.”
ChainLink Linking On-Chain and Off-Chain Data
There are a few tasks performed by existing enterprise management systems, which blockchains will not be able to handle due to their secure architecture. Thus, it becomes necessary to create a link between on-chain and off-chain systems. Thus, an interoperability bridge makes it possible to enable smart contracts which will get the information from an existing system, which is them formatted and validated to store on blockchain where the details can be used to initiate the transactions on the smart contract based digital agreement.
The interoperability bridge will thus be able to effectively feed from the information on the on-chain network and based on the data and set in requirements trigger events in the real time world.
Thus, the success of any interoperability framework is to ensure successful communication to the blockchain environment. Chainlink’s network architecture works like a template which makes it possible to create any number of oracle networks, which can operate natively on any blockchain. Therefore, provides for a framework that is flexible to connect different chains using a universal gateway reducing the development costs and integration costs.