Some Korean banks are closing a deal with Chainlink as a source of prices to show its users.
The rumor was published on the Twitter profile of TheNews.Asia, a site specialized in information on fintech, blockchain and cryptocurrencies in Asia.
– TheNews.Asia (더 뉴스 아시아) (@TheNewsDotAsia) July 24, 2020
The tweet says:
"Chainlink and Korean banks IBK Bank, Shinhan Bank, KEB Bank, NH Bank and CenterPrime are seeking to share price data with users."
The tweet contains a tag for the Chainlink official profile, which has not yet confirmed or denied the news.
In addition, TheNews.Asia Editor-in-Chief Brian Newar added that the official announcement will be published within the next 24 hours.
The landing of Chainlink's decentralized oracles in the traditional banking sector would be the final consecration of the goodness of the idea regarding entrusting the collection and publication of important data to instruments not controlled by anyone.
The fact is that the smart contracts on which they are based are reliable, secure and trustworthy, and Chainlink ensures sufficient decentralization of data management using different node operators, incentivized to provide adequate data and different sources, to ensure maximum reliability .
The objective is to obtain safe and guaranteed data against manipulation.
In addition, Chainlink oracles can be integrated into any platform, thanks to external adapters that can retrieve data.
This means that the banking sector is also beginning to understand how useful data acquired in this way could be, so it should come as no surprise that some Korean banks have decided to use these oracles.
In fact, South Korea is by far one of the most advanced countries in adopting blockchain-based technologies, so much so that Koreans themselves invest heavily in cryptocurrencies.
A few months ago, amid a coronavirus emergency, the Asian country's parliament voted unanimously in favor of a new regulation on cryptocurrenciesYes, and this likely eliminated these technologies in the mainstream in South Korea.
On the other hand, Weiss Crypto Ratings He had already warned last year that the adoption of Chainlink oracles was bound to increase, and he did so. In contrast, the LINK token price has skyrocketed during 2020, also dragging transaction volume on the Ethereum blockchain.