In just the past few years, the decentralized finance (DeFi) industry has undergone tremendous growth. However, the private assets market – worth trillions of dollars – remains largely untapped within DeFi because of the complexities associated with obtaining accurate price data for illiquid assets.
Inveniam.io is a technology platform that uses big data, AI, and blockchain technology to determine real-time pricing of infrequently traded assets. Last week, Inveniam announced the launch of its own Chainlink node as “mission-critical infrastructure” for delivering its proprietary private asset data – verified by the Accumulate identity-based blockchain protocol – to smart contracts on leading blockchains.
“Inveniam’s credentialed data, Accumulate’s ability to generate cryptographic proofs of single-source data on destination chains, and Chainlink’s ability to deliver those proofs to smart contracts running on any platform will allow for completely decentralized solutions to use cases like waterfall calculation and payment,” explained Jay Smith, Vice President of Business Development for DeFi Devs, a community developer for Accumulate.
The combined technologies offer a solution to race conditions that inhibit accurate, reliable, atomic transactions using private asset data in a multi-chain environment. As a result, smart contract developers will be able leverage Inveniam’s cryptographically secure private market data to unlock various utilities for low-liquidity assets within DeFi. This will ultimately build vital bridges between traditional and decentralized markets.
Smith described Chainlink and Accumulate as essential components of Inveniam’s two-part approach to cross-chain private market data. “Together we provide an end-to-end solution that both delivers the data to smart contracts and allows the verification of the data and the identity of the source on the destination chain,” he said.
He believes Inveniam, which holds numerous patents for utilizing its proprietary data, is “a true web3 platform” integrating leading blockchain technologies to create liquidity for previously illiquid assets. With Inveniam’s data on-chain via Chainlink, Smith expects a surge in innovation, telling Chainlink Today, “Private market DeFi applications will shortly be the leading DeFi application marketplace, all enabled by data on the Inveniam.io platform.”
To learn more about Inveniam, visit their website and Twitter.