Bringing Real World Value onto the Blockchain with OpenLaw and ChainLink
Open Law and ChainLink are teaming up to bring real-world valuations of smart contracts to the digital space according to August 14, 2018, reports.
Capitalizing on the Blockchain
ChainLink is a blockchain platform which allows smart contracts to access off-chain assets like APIs, traditional banking payments, and data feeds. ChainLink acts as an intermediary between Blockchain and traditional companies. OpenLaw is a similarly blockchain-based company which allows for the creation of legal agreements.
This allows lawyers to digitally sign and maintain documents in a secure manner. More importantly, both companies have a vested interest in bringing ease and utility to smart contracts operating in the real world.
While many innovators are trying to capitalize on the benefits of blockchain technology, there are more than enough challenges to solve. The innovation is opening up doors in the fields of logistics, financial markets, and data management. This is because open ledger technology lets users deploy smart contracts which digitize and maintain agreements between two parties from inception to completion. This renders auditing redundant as there is a constant ledger maintained by both parties.
One of the sought-after goals of blockchain technology is the ability to maintain the value of a particular contract or asset in real time. This has significant implications for the transfer of goods as well as shipping and manufacturing. OpenLaw and ChainLink are now teaming up to take real-world value and ensure that it is tracked through a distributed ledger.
Smart Contracts and Smarter Products
The companies plan to leverage ChainLink’s oracle functionality with OpenLaw’s smart contract protocol. The first integration is tracking assets like tokens and cryptocurrencies on OpenLaw in USD; ChainLink then operates as middleware which calculates the price of those assets in ether (ETH).
This means that Parties can agree on a certain amount via a monthly contract on OpenLaw. Chainlink then pays in ether each month after translating the payment.
The partnership between OpenLaw and ChainLink hopes to get between these barriers and customers while simplifying the process for new adopters and casual users. This is no small task given that people are wary of putting high-value contracts onto technology which has yet to prove itself using a currency which fluctuates rapidly.
However, if these companies can create a smart contract system which can be evaluated in real-time with automated payment deliveries, they stand to form a cornerstone of the emerging blockchain space.