SmartCredit.io is a well-recognized name when it comes to the category of lending on the Ethereum blockchain network. In order to strengthen its position, the company has now integrated the decentralized Oracle network of Chainlink that will facilitate its greater integration and expansion in the peer-to-peer market globally. This decentralized Oracle database will be specifically used for the collateralization of loans and liquidation of the loan which are undercollateralized. The data from Chainlink will help the company to determine accurate and fair prices based on the market trends and accordingly, determine the cost associated with them.
The primary reason behind the integration of the Decentralized Oracle Data from the house of Chainlink is the solid credibility and reliability of the data that is now being accepted by leading players in the industry. One can easily estimate the credibility by the sheer $75 billion total value locked in these projects, a number which is no mean feat to achieve. It is also important to note that there are multiple layers of decentralization embedded in the data network which makes it highly reliable and safe even during the black swan and high market volatility events.
Some of the distinctive qualities that make Chainlink a preferred choice among the industry players include its high-quality data, node operators which are absolutely safe and secure, completely decentralized technology, and a high level of transparency associated with the network. There is hardly any doubt that this particular capability now coming to the kitty of SmartCredit.io will definitely help the latter to extend its influence among the target audience. Not only will it streamline the Global peer-to-peer lending system of the company but also have the organization come across as a more reliable and safer partner for lenders, borrowers, and investors. Experts in the domain of cryptocurrency and decentralized finance (DeFi) are closely monitoring this association as the possible implications of this coming together for both domains are really crucial.