Decentralized climate data provider Hyphen has launched a Chainlink (CRYPTO: LINK) decentralized oracle network (DON) to provide smart contracts with access to a secure source of verified greenhouse gas (GHG) data.
What Happened: The Hyphen DON will pull various climate and reporting data and analyze it against specific climate initiatives, platform said in a press release shared with Benzinga.
After analyzing this data, the oracle network will be able to deliver the outputs to blockchains. These outputs include real-world impact assessments and compliance reports.
The independent, decentralized and transparent verification of data reporting using a Chainlink DON could help reduce climate and environmental fraud, such as inaccurate self-reporting which may lead to greenwashing.
“We’re excited to be bringing this verified emissions data on-chain through a Chainlink DON. With more accurate data available on blockchains, there’s huge potential for the creation of new reporting ecosystems as well as to support innovative emissions initiatives that bring transparency, support climate action, and enable new ways to incentivize lower emissions,” said Miles Austin, CEO of Hyphen Global AG.
Why It's Important: Chainlink is the largest decentralized oracle solution, which connects smart contract applications to existing web APIs, off-chain computations and other blockchain networks.
According to Hyphen’s COO Greg Tutton, oracle networks play an important role for entities in both the public and private sectors.
“There are key advantages using an oracle network for validation in timely data distribution for analysis and review to all interested parties for a commercial transaction or for a collaboration project, as well as wider and faster reporting to both public sector and private sector players that enables alignment at source for validated data,” said Tutton.
Price Action: At press time, LINK was trading at $16.92, up 5.5% in the last 24 hours.
