FirmaChain is the latest partner of Chainlink to integrate oracle solutions in developing the blockchain project. FirmaChain focuses on disrupting the traditional way of contract signing. It uses contract management features of blockchain technology as assurance for digital contracts.
Signature forgery and document tampering are two of the critical challenges that FirmaChain tries to address with its product named “duite” which has been launched two years ago.
Oracles Helping Digital Contracts
The fundamental components of duite are cryptography technologies. FirmaChaim uses Elliptic Curve Cryptography to encrypt the contract and ensure its security. The posting mechanism of contracts has a double procedure, and forms will be uploaded to both FirmaChain and IPFS servers to ensure more safety. Each contract will have a unique hash value that independent nodes on FirmaChain verify it.
Digital contract management is a growth phase for FirmaChain. It tries to provide additional features to users. Some highlights include checking the fulfilment of specific terms and conditions in a contract. It means a reliable source to offer accurate data, often from off-chain sources.
Chainlink’s oracle is the ultimate solution for many companies in these scenarios. FirmaChain chose Chainlink as the primary oracle provider. It can now offer more dynamic contracts to users that not only are stored safely but also will execute automatically.
The real use of Chainlink’s oracle for FirmaChain will be connecting off-chain and on-chain data.
“Providing a seamless customer experience is our number one priority. Our focus is firmly set on searching reliable methods that would allow FirmaChain to bring off-chain data into our on-chain solution successfully. We are confident that our integration with Chainlink will bring our service to the next level thanks to the introduction of dynamic contracts that are securely connected to high-quality, real-world data.” said FirmaChain’s CEO, Youngin Yoon.
FirmaChain currently aims at customers in East Asia and South-East Asia. By providing more use-cases for dynamic, secure storing and managing contracts, the company can attract more users and even big enterprise customers.
Chainlink’s decentralized oracle solution not only helps FirmaChain offer more services but helps them grow popularity because of the recent attention that LINK has received from media and crypto enthusiasts.
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