Google announced yesterday that it has collaborated with Chainlink, a firm that provides both on and off ramps information helpful in executing smart contracts. The partnership between the two companies would allow Ethereum developers using Google software to integrate data from sources outside the Ethereum blockchain.
Google and Chainlink Partner to Offer Oracle
In a blog post published by Google on June 13, the tech giant announced that with the help of the Oracle software, Ethereum decentralized app developers would have the opportunity to add data sources from outside the blockchain.
Oracle allows developers to add data such as price information, interest rates to their dApps. The data can be sourced from traditional financial sources and can be added to smart contracts. This latest development will boost the capabilities of the smart contracts, making it possible for specific processes to be implemented directly on the Ethereum blockchain.
A senior developer advocate for Google Cloud, Allen Day, pointed out that smart contracts are usually executed on a blockchain, and this limits their abilities since they don’t have access to other off-chain features. Day believes that to close the gap and enable bidirectional interoperation, and there is a need for blockchain data to become available to cloud services and the cloud services to be available on the blockchain for smart contracts.
In the blog post, Day described the three use cases of BigQuery Chainlink oracle. In the first instance, it can be used in the prediction marketplaces where the data provided will allow bets to be successfully settled on-chain. Oracle can also be used to process future contracts, thus, drastically reducing the risks involved. Lastly, it would enable transactions to occur with more privacy with the help of the submarine send feature.
In February, Google announced that it has made data for Bitcoin, Ethereum, and six other digital currencies public and easily searchable via its BigQuery data analytics platform. Google continues to lag behind the likes of Amazon, IBM, and Microsoft in the blockchain space.
Lead developer, Evgeny Medvedev, and Allen Day started introducing blockchain tech to the company last year after they added information from Bitcoin, Ethereum, and to BigQuery. Six other cryptocurrencies followed that; Litecoin, Dash, Dogecoin, Bitcoin Cash, Zcash, and Ethereum Classic.
However, the smart contract integration move by Google will be crucial in helping maximize the potential of blockchain technology.