In a press release published on 20 May, Chainlink said it has partnered with Hedera to implement a series of initiatives aimed at helping traditional financial services harness the power of decentralized applications. As a member of the Hedera Governing Council, Chainlink will be the preferred oracle partner for the Hedera network and will integrate with the Hedera Token Service (HTS).
David Post, the Managing Director of Business Development and Strategy for Chainlink Labs, said the enterprise adoption of blockchain has made decentralized oracles a critical part of the DeFi infrastructure. Therefore, it was a natural progression to join the Hedera Governing Council and make Chainlink the default oracle provider for enterprise applications, he explained.
According to Mance Harmon, the CEO and Co-founder of Hedera Hashgraph, Chianlink’s potential on the Hedera network is “limitless.” Chainlink will be the first Web 3.0 company on the Hedera Governing council, joining the likes of LG, Google, Boeing, IBM, UCL, Shinhan Bank, and Deutsche Telekom.