Chainlink Crypto Token Up 65% On Google Cloud Integration
In a development report published yesterday, the Google Cloud team has revealed that it has brought together Chainlink’s oracle middleware and BigQuery enterprise, which is cloud data warehouse, enabling on-chain and cloud based interface with Ethereum based decentralized app and deployed smart contracts.
A blockchain oracle platform offers requisite external info i.e., the parameters to be processed in order to initiate a smart contract execution when the actual conditions of the agreement are satisfied.
The news release also states that Google is offering free of charge blockchain data related to eight cryptocurrencies in BigQuery via its Google Cloud Public Datasets Program.
Even though the freely offered data facilitates “the development of business processes based upon automated analysis of the indexed blockchain datasets,” the post points out that the data faces constraint in the sense that it is used as an input to an off-chain business.
Google resolved the issue by facilitating the Ethereum platform, which supports smart contract, to communicate with BigQuery enterprise in an autonomous manner and on-chain utilizing Chainlink’s oracle middleware.
This permits initiating a smart contract using information that is obtained from an on-chain request to the cloud based data warehouse. Google has pointed out that the tool can be modified to build hybrid cloud-blockchain app where smart contracts effectively perform complicated functions in cloud resources.
Other than summarizing technicalities behind interoperable looping features, Google’s news release also suggests three domains for deployment of hybrid cloud blockchain applications, based on exceptional and instant usefulness. The three domains are market forecast, transaction confidentiality and futures contracts.
It can be remembered that in August 2018, Google had officially made the Ethereum blockchain dataset available in BigQuery. Last month, blockchain platform Qtum, which also supports smart contracts and decentralized applications (DApps), disclosed its partnership with Google Cloud as a software associate to minimize the trouble of introducing custom built tools for users.
At the time of writing this article, Chainlink token (LINK), ranked 24th largest cryptocurrency market cap, is up 65% to trade at $6.03.