Inveniam taps into Chainlink to bring proprietary data to blockchains

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US fintech platform Inveniam, a platform that leverages Big Data, AI and blockchain technology to offer access to validated private market data, has announced integration with Chainlink to provide these functionalities to public blockchains.

According to the firm, the goal is to revolutionise the decentralised finance (DeFi) ecosystem by making it easy and secure to bring traditional market data to the blockchain. It’s an objective Inveniam says will happen via the identity-based blockchain protocol Accumulate Network.

Inveniam will use Chainlink’s oracle technology to make proprietary market data of private assets with low trading volume accessible to leading DeFi blockchains.

This will happen via smart contracts, according to a press release shared with Invezz. With it, public blockchains will tap into cryptographically verified data, including author authenticity.

Bringing private market data on-chain

Chainlink Labs Managing Director William Herkelrath said the integration with Inveniam is helping bring “private market data on-chain.” It’s also going to accelerate blockchain innovation and help bridge traditional and decentralised markets. The Accumulate Network will help make this happen via anchors, beginning with Ethereum and Bitcoin.

“The combination of Accumulate anchors and Chainlink oracles is helping bring Inveniam’s data to the larger Web3 ecosystem in a hyper-reliable, cryptographically secure way,” Herkelrath added.

Chainlink also allows for a multichain environment in which users can benefit from interoperability. Any smart contract will be able to pull verified private market data from a Chainlink node, said Patrick O’Meara, the chairman and CEO of Inveniam Capital Partners.

Blockchains will thus be able to avoid race conditions, while at the same time benefitting from aspects such as atomic, consistent, and isolated durable transactions.

Among key data the DeFi ecosystem will access include valuation, pricing, and credit, the release added.

The post Inveniam taps into Chainlink to bring proprietary data to blockchains appeared first on Invezz.

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