Chainlink, the interoperability focused company, has announced the launch of its network on the Ethereum blockchain. The news was announced on the company’s official blog post on 30th May, 2019.
This move by Chainlink will allow the company to create and run the Oracle network. Oracle Network acts as a bridge between the real-time feed from real-world data and the smart contract. This first implementation on Oracle network will allow the feeding of real-time market data into smart contracts.
Sergey Nazarov, the ChainLink community leader explained,
“The Chainlink network allows multiple independent nodes to perform decentralized computations about the accuracy of an external input before it is written into a smart contract.”
Honeywell uses Blockchain for Used Aircraft Market
Multi-Billion dollar conglomerate, Honeywell, will be using Blockchain technology to create a decentralized marketplace to enable buyers and sellers trade aircraft parts in real time, reports WSJ.
The company plans to use distributed ledger technology to track the origin and certification of used aircraft parts. Some of the participants of Honeywell’s marketplace includes Dassault Falcon Jet Corp. and aircraft-repair specialist Standard Aero Aviation Holdings Inc.
According to WSJ,
“Before blockchain, a transaction took, on average, two phone calls and four emails to arrange, and two days to close. The sale of larger parts such as engines could take weeks of sending quotes and exchanging documentation. With blockchain, a buyer can locate a part and purchase it immediately.”