According to its June 13 report, the Google Cloud team is integrating Chainlink’s oracle middleware with Google’s BigQuery. BigQuery is Google’s cloud data warehouse, as well as its business intelligence solution. ChainLink is a necessity for the proper function of smart contracts. It seeks to solve the most debated flaw of smart contracts on blockchain technology, the “oracle problem.” It has its native token LINK, and its parent company is SmartContract.com, founded in 2014.
Smart contract believers publicize Chainlink as the core tool required for their development. Any developer on a blockchain that needs a secure data feed into a smart contract has to turn to an Oracle of which ChainLink is discernible. This is the reason why Google Cloud has shifted to the startup token project too.
Google is becoming increasingly interested in blockchain technology. Consequently, in their quest to bridge their traditional data sources with blockchain networks, they will need Steve Ellis’s and Sergey Nazarov’s creation.
ChainLink’s founder Sergey Nazarov says of the development:
“We realized that a reliable oracle mechanism is a gating issue for the creation of most of the use cases that people are expecting from our space. We set out to solve this limitation of blockchain infrastructure with security, reliability, and easy consumption of the inputs/outputs needed by smart contracts to reach this new level of usefulness.”
Oracle Could Be Interested
Oracle, the US-Based software company, has also taken a liking to ChainLink. The ERP platform is discussed the benefits if their integration with the startup in the CloudEXPO Silicon Valley conference. Oracle has a horde of modern financial management software solutions that increase productivity while minimizing costs.
The software giant’s products are highly dependent on the continual churning of real-time data for insights. It has not been made clear yet, how Oracle is going to utilize Chainlink’s solutions. The ERP firm might, however, employ the smart contract execution prowess of Chainlink to it’s Autonomous Database and Cloud ERP business arms.
A smart contract is a self-executing coding instruction that does so under specified conditions on a blockchain network. Smart contracts are self-enforcing and immutable in nature. They are, therefore, perfect for automating transparent transactions, and they have zero failure chances.
However, as per their design, they are only as efficient as the oracles that feed into them. If they are fed poor or inadequate data or code, they will trigger unpredictable or incorrect outcomes. This is what is referred to as the oracle problem. A decentralized blockchain is a bridge between oracles or data sources, and the smart contracts they feed.
ChainLink For Smarter Smart Contracts
ChainLink’s job is to workout decentralized and independent computations that verify the accuracy of the data feeding the smart contract. They also protect the data privacy between a blockchain and smart contract. Additionally, ChainLink enhances the connectivity of smart contracts to external data and applications as well as payments. It also improves interoperability between a smart contract and blockchain network.
Of their partnership with Google, Nazarov says that they will assist Google, an on chain data provider to interact securely with smart contracts. Chainlink will also support the data giant to absorb high-quality data and other off chain services. Additionally, Nazarov says that the startup is going to create smart contracts that will better interact with IoT events, DeFi, and other use cases.
Google’s interest in Chainlink is vital, especially since the tech and data firm is not a casual name dropper. The singling out of the startup is a good feather on ChainLink’s cap. LINK’s investors seem to too because, on the announcement of the Google and ChainLink alliance, LINK’s value pumped to a $1.95 initial high.