At CloudEXPO in Silicon Valley, Oracle senior engineer and technical team leader Fernando Ribeiro announced that it will support more than 50 Chainlink nodes/teams to provide superior data input and output to the Oracle blockchain platform. The program will help these startups sell data to Oracle's 430,000 customers in 175 countries around the world.
Oracle is the world's third-largest software company with operations and customers all over the world. The company has developed its own blockchain platform based on the Hyperledger Fabric superbook. Hyperledger Fabric is popular among enterprise customers and is widely used in the development of Dapps (decentralized applications). Oracle also recently released the Oracle for Startups program, which incubates start-ups on the Oracle Cloud Platform and provides incentives and assistance to start-ups.
Shortly before Oracle’s announcement, Google also announced access to the Chainlink oracle and demonstrated how to use the Chainlink oracle to connect the BigQuery API to smart contracts.
Chainlink predictor contributes valuable data to the Oracle blockchain
The API has become the standard medium for interacting and sharing data between independent systems. More and more companies are no longer struggling to develop their own data and services from scratch, but instead call other systems' data and services through APIs. In fact, developing APIs has become a vital business for most companies and is related to the survival and development of many companies. Ribeiro pointed out in the speech that 76% of start-ups are developing APIs, and 48% of them are working with other companies to develop APIs.
Chainlink is the leader in the trusted oracle development industry. The trusted oracle is a decentralized oracle network that securely accesses smart contracts to resources under the chain, including access APIs, data providers, Cloud platforms, IoT devices, payment gateways, other blockchains, and various enterprise systems. The Smart Contract Access API means that external data can be used to trigger contract execution and access to various under-chain systems for contract delivery.
Oracle has provided more rich data to Oracle customers by developing the Chainlink node to monetize the APIs of more than 50 outstanding start-ups in the Startup Program. Chainlink will sell data from these start-ups to Oracle customers for use in various business processes. In this way, companies can derive value that is completely different from the past, such as the use of intelligent links in the Oracle blockchain to automate internal processes (Oracle ERP systems).
Use the Chainlink oracle to open a new business model
While blockchains and smart contracts provide a completely new infrastructure for digital protocols, some companies that specialize in providing data or services do not need blockchain. However, almost all companies with high-value data can enter the fast-growing smart contract market and achieve revenue growth. Riberio and Oracle saw the potential of this new area, so they launched the program for start-ups.
In the Oracle Startup Program, Smartrips (air ticket booking software), INCREFF (retail store inventory software) and iGeolise (logistics information query software) are all start-ups with high-value data and smart contracts. These data have great potential to trigger smart contracts, but there is currently a missing key technology, middleware technology that sells data to smart contracts, and Chainlink complements this missing technology.
The Oracle Startup Program is actively supporting these start-ups to access the Chainlink oracle and help them sell data to Oracle customers. This also requires dedicated human and material resources to develop external adapters for smart contracts on the Oracle platform.
Smart contracts are the general trend, but only if you have a high-value API to trigger contract execution. The company is sitting on a large amount of high-value data, and is very willing to access the Chainlink predictive machine for data realization. Oracle's strong support for Chainlink has made smart contracts a solid step forward in this blockchain revolution.
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