{"id":140044,"date":"2020-07-24T08:00:56","date_gmt":"2020-07-24T07:00:56","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=140044"},"modified":"2020-07-24T00:24:10","modified_gmt":"2020-07-23T23:24:10","slug":"chainlinks-link-latest-partnership-changes-how-digital-contracts-are-verified","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/chainlinks-link-latest-partnership-changes-how-digital-contracts-are-verified\/","title":{"rendered":"Chainlink&#8217;s (LINK) latest partnership changes how digital contracts are verified"},"content":{"rendered":"<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/cryptoslate.com\/coins\/chainlink\/\">Chainlink<\/a> does not seem like it's stopping with its partnerships and adoptions anytime soon. Yet another project onboarded the blockchain agnostic platform\u2019s oracles solutions today \u2014 this time for changing how legal documents are secured and verified worldwide.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Blockchain-based e-document solution <a href=\"https:\/\/cryptoslate.com\/coins\/firmachain\/\">FirmaChain<\/a> said it is integrating Chainlink to bolster the digital contract signing process, as per an <a href=\"https:\/\/medium.com\/@FirmaChain\/notice-firmachain-chainlink-integration-fcacdb2b145d\">announcement<\/a> Thursday.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Blockchain-based e-document solution <a href=\"https:\/\/twitter.com\/FirmaChain?ref_src=twsrc%5Etfw\">@FirmaChain<\/a> is integrating Chainlink to create more seamless digital contracts. For example, car rental contracts using <a href=\"https:\/\/twitter.com\/hashtag\/Chainlink?src=hash&ref_src=twsrc%5Etfw\">#Chainlink<\/a> to validate driver licenses within the signature process for better customer experience.<\/p>\n<p>&mdash; Chainlink &#8211; Official Channel (@chainlink) <a href=\"https:\/\/twitter.com\/chainlink\/status\/1286115791193153536?ref_src=twsrc%5Etfw\">July 23, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><b>Chainlink oracles onboarded to FirmaChain<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Chainlink, a decentralized oracle network that makes real-world information available to blockchain platforms, will allow users of FirmaChain to check whether specific terms and conditions of a contract were fulfilled in a highly secure and reliable manner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This vastly expands the functionality of the contract, turning it from a static agreement to a dynamic agreement that can understand what\u2019s happening in the outside world and execute automated actions based on this information, the release noted.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It added \u201cChainlink nodes have credential management capabilities, allowing them to handle login credentials. This is essential functionality for allowing the contract to connect with permissioned data sets that sit behind paywalls and\/or credentialed logins.\u201d<\/span><\/p>\n<figure id=\"attachment_140046\" aria-describedby=\"caption-attachment-140046\" style=\"width: 624px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-140046\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/1_j-QqwUmC7yLmxYtQIGZhmg.png\" alt=\"\" width=\"624\" height=\"247\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/1_j-QqwUmC7yLmxYtQIGZhmg.png 624w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2020\/07\/1_j-QqwUmC7yLmxYtQIGZhmg-300x119.png 300w\" sizes=\"(max-width: 624px) 100vw, 624px\" \/><figcaption id=\"caption-attachment-140046\" class=\"wp-caption-text\">Source: FirmaChain<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">FirmaChain said Chainlink also provides the platform with a technical framework that develops \u201cstrong availability and security guarantees\u201d using its decentralized \u201caggregation of multiple secure oracles (nodes) and high-quality data sources to avoid any single point of failure in the delivery of external data on-chain.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Youngin Yoon, the CEO of FirmaChain, said of the integration:<\/span><\/p>\n<blockquote><p><b>\u201cProviding a seamless customer experience is our number one priority. Our focus is firmly set on searching reliable methods that would allow FirmaChain to successfully bring off-chain data into our on-chain solution.\u201d<\/b><\/p><\/blockquote>\n<p><span style=\"font-weight: 400;\">Yoon added the Chainlink integration would propel the firm\u2019s services alongside introducing dynamic contracts to \u201chigh-quality, real-world data.\u201d<\/span><\/p>\n<h2><b>Document verification a rising concern<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The partnership aims to solve a major concern of the digital world; as legal bindings move from paper to computers, how does one verify their authenticity? Better put, how do participants know if a digital sign was, indeed, signed by the intended counterparty or an imposter?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lapses could be rife. The above affects many facets of today\u2019s society, right from apartment leases to legal filings to tax reports to driving licenses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FirmaChain steps up to tackle this problem. The e-contract platform has teams based in Singapore and South Korea, seeking to resolve social and legal issues (contracts, notarial, etc.) with written contracts through the use of electronic contracts, its blog notes.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The firm\u2019s \u201cduite.\u201d blockchain suite holds drafted contracts that are encrypted and uploaded on a blockchain so that all participants can share, compare, and verify the hash value of the encrypted contracts. This prevents forgery or tampering.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">[Announcement] Offical launch of Firmachain\u2019s e-contract platform, duite.!<\/p>\n<p>Check out our latest posting. <\/p>\n<p>How to use our new e-contract platform Duite. <br \/>Thank you<br \/>? <a href=\"https:\/\/t.co\/RUCq10NNIl\">https:\/\/t.co\/RUCq10NNIl<\/a><\/p>\n<p>&mdash; FirmaChain (@FirmaChain) <a href=\"https:\/\/twitter.com\/FirmaChain\/status\/1197388126060085248?ref_src=twsrc%5Etfw\">November 21, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\">Chainlink\u2019s oracles help with the verification bit. For the uninitiated, oracles are a decentralized data solution that fetches data from \u201coutside\u201d the blockchain to within. This is required as blockchain cannot verify data \u2014 they only provide storage.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chainlink does not seem like it&#8217;s stopping with its partnerships and adoptions anytime soon. Yet another project onboarded the blockchain agnostic platform\u2019s oracles solutions today \u2014 this time for changing how legal documents are secured and verified worldwide. Blockchain-based e-document solution FirmaChain said it is integrating Chainlink to bolster the digital contract signing process, as [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":140075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35,37],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Chainlink&#039;s (LINK) latest partnership changes how digital contracts are verified<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/chainlinks-link-latest-partnership-changes-how-digital-contracts-are-verified\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chainlink&#039;s (LINK) latest partnership changes how digital contracts are verified\" \/>\n<meta property=\"og:description\" content=\"Chainlink does not seem like it&#039;s stopping with its partnerships and adoptions anytime soon. Yet another project onboarded the blockchain agnostic platform\u2019s oracles solutions today \u2014 this time for changing how legal documents are secured and verified worldwide. 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An economics graduate from the University of Wolverhampton, he breathes financial markets and decentralized ideologies. When not writing, Shaurya works on his culinary skills, trades the big three cryptocurrencies, and surfs airplane blogs.","url":"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/"}]}},"_links":{"self":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/140044"}],"collection":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/users\/65"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/comments?post=140044"}],"version-history":[{"count":2,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/140044\/revisions"}],"predecessor-version":[{"id":140076,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/posts\/140044\/revisions\/140076"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media\/140075"}],"wp:attachment":[{"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/media?parent=140044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/categories?post=140044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/tags?post=140044"},{"taxonomy":"prediction_market_topic","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/prediction_market_topic?post=140044"},{"taxonomy":"post_folder","embeddable":true,"href":"https:\/\/cryptoslate.com\/wp-json\/wp\/v2\/post_folder?post=140044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}