Web3Link, now in beta, enhances smart contracts with streaming real-time data from off-chain sources by integrating the established ONE Platform and ultra-low latency cloud-native NATS.io messaging technology into BCware’s blockchain-agnostic middleware
Smart Contracts are the future of financial services as more companies seek to innovate new decentralized finance (DeFi) products built on blockchain. However, many current solutions struggle to meet the demanding standards of the financial services industry. BCC Group, BCware, and Synadia announced that they have partnered to address this challenge through the joint development of Web3Link.
Currently in beta, the Web3Link platform combines the companies’ best-of-breed solutions to enable traditional finance (TradFi) organizations to seamlessly integrate off-chain and on-chain market data into smart contract applications. As a result, capabilities required by financial services and other highly regulated industries will be available to developers building decentralized finance apps. These capabilities—which have taken decades to mature in traditional market data solutions and are table-stakes in the traditional financial world—include entitlements, compliance, and ultra-low latency, among others.
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“We are still in the early stages of the technology adoption lifecycle for smart contracts even though the $1.85T digital asset market is growing rapidly,” said Tugrul Firatli, BCware founder and CEO. “In order to meet this growth, industry leaders are asking for solutions from software teams with a deep understanding of financial services. That’s why this partnership is important.”
Once Web3Link becomes available, developers will be able to:
- Take advantage of ONE Oracle from BCC Group, a trusted third party for reliable, authenticated pricing data. ONE Oracle will rationalize data to ensure data quality, provide data entitlements, and help protect organizations from exchange-related compliance violations.
- Use Synadia’s NGS ultra-low latency secure communications to provide blockchain applications the same quality of service that TradFi applications depend upon. Real-time event data flow will now be available both on- and off-chain. NATS.io, the messaging infrastructure on which NGS is built, has been deployed globally by thousands of users in production and provides developers seamless network connectivity with transparent scalability and application self-healing.
- Build smart financial solutions that are blockchain-agnostic using BCware’s APIs and BCflow, an event-driven orchestration engine designed specifically for high-performance, multichain applications. By leveraging BCware’s unique blockchain abstraction layer, TradFi firms can innovate faster while future-proofing their development efforts.
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Meeting TradFi’s High-Speed Demands
Increasingly, banks are evolving to become “software companies with banking licenses,” and financial services innovation will be delivered to market by developer teams assembling composable capabilities linked through smart contracts. Web3Link delivers the high speed on high availability that will be critical in enabling TradFi organizations to successfully bridge the Web 2.0 and Web 3.0 worlds.
“The integration of off-chain market data with smart contracts requires ultra-low latency and secure communications capabilities that current blockchain solutions can’t provide,” said Derek Collison, Synadia founder and CEO. “Web3Link leverages NGS from Synadia to simplify this integration for our customers who are innovating with smart contracts while ensuring that their applications can meet the demanding performance and real-time requirements of their solutions on a global basis.”
Real-Time Entitled Data Backed by Compliance
With Web3Link, TradFi companies that want to participate in the future of DeFi now have a way to build smart contracts with real-time entitled data, which have a complete set of compliance tools to support the demands of regulation and can be deployed across a variety of blockchains.
“We are very excited to be launching Web3Link. While other oracle vendors are providing a general solution that addresses smart contract requirements across industries, we are pleased to pull together best-of-breed products and a team of experts within the industry.” Said Bill Bierds, BCC Group president and chief business development officer. “Smart contracts are an unstoppable evolutionary step. Web3Link seeks to ensure that financial services can confidently maintain pace with other industries and achieve full value from this exciting capability.”
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