According to Vitalik Buterin, Ethereum can be the base from where the next generation, blockchain-dependent, autonomous predictions market can be built on. While listing down what is possible and responding to Elon Musk’s single-worded tweet, Vitalik mentioned an underutilized yet critical industry in the predictions market.
ChainLink is strategically positioned to offer this service. The announcement from Google Cloud of their integrating BigQuery with ChainLink was momentous for the Ethereum based startup.
Infact, it is setting a precedence and the US-Based software company in Oracle isthe next multi-billion corporation to discuss the benefits of their integrationwith the Singapore based firm in the CloudEXPO Silicon Valley conference.
Oracle Focus on The Cloud
The ERP service provider, Oracle is the third biggest software company in the world, and today, Tuesday, June 25, it is ready to let the world what they stand to benefit should there be a liaison with ChainLink. Driving Oracle is a suite of innovative apps that satisfy the needs of businesses from across the world.
Boastingof modern financial application management apps and tools that help businessesscale and grow, Oracle’s solutions churn real-time data from where they drawinsights that minimize costs and drive productivity.
Simplybecause of this, by close of 2018, Oracle racked in more than $39.83 billion.Out of this, its Cloud ERP business rose 44 percent and Larry Ellison, thechairman, said together with Autonomous Database, these two core products willdetermine the future of the company.
Howexactly they will leverage ChainLink’s Oracles on their open standards thatextend into traditional legacy systems including third parties and marketplacesis fuzzy. However, from what is publicly available, Oracle make use ofmathematical and statistic models and even artificial intelligence as theydeliver to customers integrated solutions that meet their needs.
Inall this, Oracle do use generic algorithms and neural nets to mine existingdatasets and from their make predictions to enhance their products. The shiftnow to ChainLink’s wisdom of the crowd where there is overall reliance on theability of the platform to aggregate believes which then becomes the basis forgenerating predictions.
On their part, ChainLink’s oracles do connect versatile and robust smart contracts with real-world data since their inputs and outputs are tamper-proof. While making their announcement, Allen Day, a senior developer advocate of Google Cloud, through a blog post, said:
“A business process implemented as a smart contract is performed on-chain, and that is of limited utility without having access to off-chain inputs. To close the loop and allow bidirectional inter-operation, we need to be not only making blockchain data programmatically available to cloud services, but also cloud services programmatically available on-chain to smart contracts.”
Clearlythe shift is towards innovating and enhancing cloud services of which Oracle isa leader. Already, BigQuery has Bitcoin, Ethereum and Litecoin’s data fed intoBigQuery meaning there is an element of flexibility.
Following Google and possibly Oracle’s route, ThunderCore is partnering with ChainLink. Their objective is to create a hybrid of blockchain and cloud applications. Specific in their goals, ThunderCore seeks to create an environment from where dApp developers can turn their ideas into businesses.
To that end, their virtual machine, from where code can be compiled, is Ethereum Virtual Machine (EVM) compatible just like Tron’s. Furthermore, their network can process 1,200 transactions per second while settling them in less than a second.
Through a compatible VM, there is a window for blockchain interoperability benefiting the digital asset ecosystem. In their blog, Peter Abilla of ThunderCore, said:
“We’re excited for this collaboration with ChainLink; having this highly reliable middleware service will be valuable to developers that build on ThunderCore: builders will now have a service that will enable all sorts of new use cases and games.”
“ThunderCore needs a high quality, reliable oracle service in order for smart contracts deployed on our chain to access necessary off-chain information to trigger certain transactions.”