XinFin [XDC] Network Will Integrate Chainlink Oracles to Power New Trade Finance Use Cases

XinFin[XDC] Network is excited to announce our planned integration with Chainlink, the market-leading decentralized oracle network, to bring off-chain resources to our trade finance platform. Our initial integration will be focused on using Chainlink’s Price Reference Data framework to launch decentralized price feeds for HKD/USD, SGD/USD, and AED/USD. These FX rates provide XinFin users with decentralized and transparent exchange rates for popular national currencies like the HongKong Dollar, Singaporean Dollar, and Arab Emirates Dollar, which can be used to automate cross-border trade and financing via XinFin smart contracts. The global trade finance market is highly complex, made up of millions of disparate systems that have no common medium for which to communicate and reconcile in a highly reliable way. This limits the network effects they can achieve and ultimately adds more overhead to processes, such as manual input, third-party intermediaries, reconciliation and litigation, and more.

XinFin is a network of networks that connects various distributed ledger technology (DLT) and traditional backend systems together to facilitate a more seamless and cost-effective global trade finance experience for all parties. Our technology is cross-chain compatible and scalable. For example, XinFin[XDC] Network is highly compatible with the Ethereum network, lowering the gas fees by nearly 1/1000th and enabling two-second transaction finality.

In order to expand the capabilities of XinFin, we need access to off-chain resources such as data feeds, APIs, and payment methods that are specific to trade finance use cases like commodities, metals, and forex. Not only is this data important, but obtaining it in a highly secure and reliable manner is critical to retain the benefits provided by XinFin’s underlying blockchain platform.

Chainlink is the most widely adopted decentralized oracle network today, collectively securing billions of dollars in value for many top decentralized applications. In our assessment of Chainlink versus other oracle networks, one of the reasons it stands out is because its oracles have built-in credential management capabilities, allowing them to access any API, such as premium data behind paywalls and within backend enterprise systems. No serious trade financing operation will trigger the automation of large value transactions based on data from open or free APIs with unreliable guarantees on their quality.

We plan to leverage Chainlink’s ability to obtain high-quality data and combine it with its decentralized oracle infrastructure made up of numerous independent, security reviewed nodes to create decentralized FX rates that can be used by our customers engaging in global trade. In addition, we can use Chainlink to make virtually any off-chain data resource available to our platform users like commodity prices, traditional payment systems, IoT networks, and much more. Image for post

An example of a decentralized FX price feed currently live on Chainlink, which uses nine independent oracles and multiple data feeds to create continual price updates that smart contracts can leverage to automate financial processes.

“We chose Chainlink because oracles are a critical component of the Trade Finance ecosystem, and Chainlink is the clear market leader in live, decentralized oracles, with enterprise-quality data and a track record of providing value to the DeFi ecosystem and large enterprises like Google, Oracle, and SWIFT,” said Atul Khekade, Co-Founder of XinFin Network. “We plan to use Chainlink to greatly expand the amount of on-chain resources our users have access to while retaining the critical security benefits they receive around decentralized security.”

Dan Kochis, Head of Chainlink Business Development, commented on the integration, “We’re excited to empower the expansion of the XinFin Network by providing its Trade Finance ecosystem with secure and reliable oracles. Bringing decentralized FX rates to XinFin lays the foundation for a more seamless global trade experience for XinFin buyers, sellers, and bankers.”

Workflow deployed on Apothem.Network

1. Oracle Address - xdc5ee4ba477eb7a034426de7daea41410880c84d69 (explorer.apothem.network/addr/xdc5ee4ba477…)
2. Link Token Address - xdc8d2e1dff891a93e342de290f0c8196570c3931fd (explorer.apothem.network/addr/xdc8d2e1dff8…)
3. Owner address - xdc7d831bc9b77d1d5f60e68dcc174f313f575ca1c4 (explorer.apothem.network/addr/xdc7d831bc9b…)
4. Node Operator Address ( Simple ) - xdce98f83692FDbD667c348f17AfBb1357E6D281B17 (explorer.apothem.network/addr/xdce98f83692…)
5. Pointer Address - xdc6ed3cdeea5849c534fda3c7a1dfef817204c11e2 (explorer.apothem.network/addr/xdc6ed3cdeea…)
6. TestClient - xdcefd88962be8a0451e07d44b9eb36d6116cc20c2e (explorer.apothem.network/addr/xdcefd88962b…)

Developers Resource to Create Smart Contract without Coding: MyContract.co

About XinFin[XDC] Network

XinFin is an enterprise-ready hybrid Blockchain technology company optimized for international trade and finance. The XinFin network is powered by the native coin XDC and uses XinFin Delegated Proof of Stake (XDPoS) consensus architecture to support smart contracts, 2000TPS, 2-second transaction time, near-zero GAS fees, and KYC to Masternodes (Validator Nodes). XDC also creates an opportunity to useXinFin’s real-world use-cases such as TradeFinex.org, which helps small and medium businesses or institutions originate their own financial requirements in a digital, fully structured manner so that they can distribute it to the bank or non-bank funders themselves using a common distribution standard. It also allows access to Mycontract.co, a middleware that connects any two centralized systems using decentralized APIs running on XDC blockchain Network. Learn more about XinFin at xinfin.org check Live and Stable Blockchain Network Details at xdc.network

About Chainlink

If you’re a developer and want to quickly get your application connected to Chainlink Price Reference Data, visit the developer documentation and join the technical discussion in Discord. If you want to schedule a call to discuss the integration more in-depth, reach out here. Chainlink is an open-source blockchain abstraction layer for building and running decentralized oracle networks that give your smart contract access to secure and reliable data inputs and outputs. It provides oracles to leading DeFi applications like Synthetix, Aave, and yEarn; numerous blockchains such as Ethereum, Polkadot, and Tezos; as well as large enterprises including Google, Oracle, and SWIFT.