QLC Chain Integrates Chainlink to Bring ICT Data On-Chain and Power New DeFi Products
Singapore, September 03, 2020, Press release — QLC Chain, a blockchain built to support Information and Communications Technology (ICT) infrastructure, today announced that they are integrating Chainlink oracles to make ICT data available on-chain for smart contracts. The initial use case involves retrieving off-chain data about mobile network usage and storing it on-chain, which is then used to calculate and automate on-chain payments from ICT consumers.
QLC Chain is a blockchain that connects legacy telecommunications monitoring and billing systems together (B.O.S.S.) to allow telecommunication companies (telcos) to monetize their infrastructure, as well as settle with customers using on-chain payments. On the other hand, Chainlink is a decentralized oracle network that connects blockchains like QLC Chain to off-chain data and systems. By doing so, QLC Chain can securely and reliably consume off-chain data from external IoT networks and web APIs and use it to automate on-chain settlements. At the same time, QLC Chain can provide some real-world data from ICT infrastructure to the Chainlink network to bring its on-chain data to other smart contract applications.
In addition to automating on-chain payments, QLC Chain is working on two additional solutions using Chainlink. The first is an ambitious initiative to tokenize telco infrastructure by using Chainlink data feeds combined with real-time usage on QLC Chain as a means of determining token valuations. Not only will such a framework give the public a unique opportunity to invest in telco infrastructure, but the tokens can be used as the backbone for DeFi services like serving as collateral for a loan or stablecoin or acting as liquidity within an Automated Market Maker (AMM).
The other use case revolves around integrating Chainlink’s Verifiable Random Function (VRF) as a secure and provably fair source of on-chain randomness for generating two-factor account authentication (2FA) over OTA/SMS for its telecom and banking partners.
“Operators and carriers are highly dependent on each other’s network to fulfill customers’ connectivity requirements, however, cross-platform operations are conducted offline across multiple disparate systems of record,” said Allen Li, Co-Founder & CEO of QLC Chain. “Combining QLC Chain and Chainlink provides a highly secure and reliable framework to create a single, trusted system of record, which can help support a commercial service layer among telecommunication service providers for settling contracts involving mobile usage, roaming, bandwidth-on-demand, and more. This framework gives our customers extensive reliability, fairness, and security guarantees around telco data used to automate payments, which comes in addition to the improved scalability and reduction in operational costs provided by QLC chain.”
“We look forward to providing trusted oracles to QLC Chain to both connect them to trusted off-chain data and systems, as well as make their ICT data available to other smart contract applications,” stated Daniel Kochis, Head of Chainlink Business Development. “By developing a secure and reliable bridge between QLC and off-chain telecommunications networks, users can trust that on-chain payments and other DeFi products built upon QLC Chain are highly secure and reliable.”
We look forward to continually expanding our ecosystem using Chainlink and we are very excited to give rise to a new collection of DeFi products and applications.
About QLC Chain:
QLC Chain is to resolve the data trust and security problem in the ICT industry, it provides network automation of billing/reconciliation/settlement/payment/custody to telecom operators utilising blockchain technology.
QLC Chain offers telecommunication service providers with inter-carrier connection and financial consultancy services as well.
QLC Chain solution suite includes:
- QLC Chain-based DoD (Data on demand) platform to process inter-carrier settlements in a trustable, auditable and automated manner and enable frictionless on demand commerce and federated network for information and communications service providers.
- QLC Chain-based A2P SMS settlement platform with its product suite including an A2P SMS settlement solution; Anti-SMS swap solution, and QLC Chain soft-sim identity for IoT devices.
- QLC Chain-based DID (Decentralized ID) communication authentication solution which is intended to authenticate, authorize, and access blockchain identities and security properties in network service such as SD-WAN/MPLS/cellular network/5G slicing network.
- Enterprise-level crypto wallet supporting stable coin payment for ICT supply chain.
If you want to get your smart contract connected to off-chain resources or sell data/services to the Chainlink network, visit the developer documentation and join the technical discussion on Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here.
Chainlink is a general-purpose framework for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. Use Chainlink to connect to data providers, web APIs, enterprise systems, cloud providers, IoT devices, payment systems, other blockchains, and much more.