Fusion Foundation announced a new strategic partnership with Chainlink aiming at better blockchain interoperability. The new partnership includes the development of an interoperability protocol and integrating Chainlink’s oracle and Price Reference Contract.
Using Oracles to Enhance DeFi Capabilities
Smart contracts are critical components of DeFi applications. Fusion focuses on disrupting the finance industries using DeFi and other blockchain-based solutions.
One of its main focus areas is interoperability among blockchains that will make it possible for each project to benefit from data in different blockchains. It offers a decentralized control right management system (DCRM) as an interoperable protocol.
DCRM makes it possible to exchange any asset on-chain. Fusion will connect DCRM transactions and swaps to off-chain APIs using Chainlink’s oracles. Chainlink’s Price Reference Contracts will be the first to be integrated into DCRM.
Fusion developers will benefit from further integration and partnership with Chainlink. The foundation claims partnership will go beyond price feeds. For example, developers will be able to monitor off-chain data like bank accounts. Confirming fiat payments is an important use-case for this part.
Other functionalities from Chainlink protocol will be added to Fusion like:
“Service Level Agreements (SLAs) for the grouping and threshold definition of the DCRM participants, Trusted Execution Environments (TEEs) for establishing privacy and reinforcing the security of contract execution, Oracle contracts to power the three essential methods of DCRM services, and Consumer contracts to encapsulate DeFi business logic connected to traditional external API services like price information,” according to Fusion Foundation.
Fusion Foundation believes that the new partnership with Chainlink will have multiple benefits for their platforms and provide some real-world use-cases. It points on tokenization of securitized loans and developing Dapps for decentralized custody.
“By integrating with the Chainlink Network, the entire Fusion ecosystem gets secure and reliable access to a variety of web 2.0 data and off-chain resources with minimal delay. We look forward to expanding our DCRM solution using Chainlink to provide data to and from the Fusion ecosystem; greatly benefiting existing users while simultaneously onboarding new ones as our technology can now be made available in new markets..” said Dejun Qian, Founder and CEO of Fusion.
If you found this article interesting, here you can find more Chainlink News
