Oracles are going to revolutionize both blockchain and crypto and ChainLink is set to dominate the oracles market. They are critical connectors whose centrality in the blockchain evolution cannot be understated. The Prediction market are, for instance, heavily reliant on smart contracts. The burgeoning industry cannot function without trusted oracles.
These links translate and process off chain information and link into fragmented blockchains. ChainLink “provides reliable tamper-proof inputs and outputs for complex smart contracts on any blockchain.” The platform feeds blockchains with real-world events, up to date data and payments through smart contracts and APIs.
Google has repeatedly made mentions of Ethereum-based oracle project in its Google development blog. The Internet-related services and products giant has integrated its Big Query platform with ChainLink. This will assist the cloud analytics web service to integrate its information processing prowess with blockchain.
Ethereum Scalability Troubles
Through ChainLink, Google’s BigQuery can take data off real-world data sets and ensure its integrity through the Ethereum based blockchain platform. Similarly, ChainLink names SWIFT as a partner on its parent company, smartcontract. The banking communications network is 11,000 partners strong and has been experimenting with ChainLink’s Proof-of-Concept system.