OpenLaw Teams with ChainLink to Bring Real-World Info to Smart Contracts
The ability to use real-world data and calculate value of smart contracts using blockchain is a game changer. We’re excited to announce a new partnership between OpenLaw and ChainLink which incorporates ChainLink’s oracle functionality into the OpenLaw protocol.
Our first integration with ChainLink will leverage our existing smart legal contracts to demonstrate the capabilities of this integration with ChainLink. Assets (cryptocurrencies, tokens, etc.) transferred on OpenLaw can now be denominated in U.S. dollars. Then, using ChainLink’s middleware, we can calculate the equivalent amount of ETH at the moment of transfer. For example, if a party agrees to a $10,000 per month contract via an OpenLaw agreement, the exchange rate can be converted via ChainLink’s oracle each month to pay in Ether at the latest exchange rates.
One of the foremost challenges in the blockchain industry preventing mainstream usage is the frequent currency exchanges in sometimes volatile currencies. This partnership shows a promising way forward to lower those barriers and make using cryptocurrency in smart contracts simpler and more intuitive for everyday users.
ChainLink is blockchain middleware that allows smart contracts to access key off-chain resources like data feeds, various web APIs, and traditional bank account payments. By providing smart contracts secure access to these key resources, ChainLink allows them to mimic real world agreements that require external proof of performance and need to make payment in widely available payment methods e.g. bank payments.
OpenLaw is a blockchain-based protocol for the creation and execution of legal agreements. Using OpenLaw, lawyers can more efficiently engage in transactional work and digitally sign and store legal agreements in a highly secure manner, all while leveraging next generation blockchain-based smart contracts.
Interested? Find out more about OpenLaw here.