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.
In fact, it is setting a precedence and the US-Based software company in Oracle is the next multi-billion corporation to discuss the benefits of their integration with 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.
Boasting of modern financial application management apps and tools that help businesses scale and grow, Oracle’s solutions churn real-time data from where they draw insights that minimize costs and drive productivity.
Simply because 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, the chairman, said together with Autonomous Database, these two core products will determine the future of the company.
How exactly they will leverage ChainLink’s Oracles on their open standards that extend into traditional legacy systems including third parties and marketplaces is fuzzy. However, from what is publicly available, Oracle make use of mathematical and statistic models and even artificial intelligence as they deliver to customers integrated solutions that meet their needs.
In all this, Oracle do use generic algorithms and neural nets to mine existing datasets and from their make predictions to enhance their products. The shift now to ChainLink’s wisdom of the crowd where there is overall reliance on the ability of the platform to aggregate believes which then becomes the basis for generating 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.”
Clearly the shift is towards innovating and enhancing cloud services of which Oracle is a leader. Already, BigQuery has Bitcoin, Ethereum and Litecoin’s data fed into BigQuery 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.”
He further adds:
“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.”