The best way to accelerate the adoption of blockchain protocols, as well as technologies, is by integrating it with the modern internet resources and public cloud services.
Blockchain is making giant advancements each passing day, and as a result, it’s not a surprise that several companies are working hard to ensure they make the integration as soon as possible.
And now, in a milestone achievement, the online tech giant Google has made its move. Google has unveiled a possibility of building a hybrid blockchain-cloud applications by use of the Ethereum (ETH) smart contracts tech alongside utilizing BigQuery, its native cloud service.
Google’s Partnership with ChainLink is the Key
The tech giant announced that the Ethereum app builders using its very own software would enable the integration of data from sources outside of the Blockchain.
ChainLink is a company that provides the on ramps as well as off-ramps for information that is necessary to run the self-executing codes (smart contracts).
ChainLink offers a service known as an oracle to integrate the data such as interest rates as well as price information from the traditional finance into the on-chain smart contracts. Therefore, oracles add another layer to the already existing capabilities, which allows the implementation of processes directly on the Blockchain.
Google plans on targeting some key tech areas through hybrid applications and include some like transaction privacy, prediction marketplaces, and futures contracts.
Loopholes of Smart Contracts Execution Addressed
Since the smart contracts are embedded in the public blockchain network, they are effectively immutable as well as tamper-proof. For that reason, its participants commit resources on some agreement with trust that the contracts are automatically executed minus third-party intervention.
However, the issue is where to get these variables that can evaluate the smart contract. If data for the contract is not from some on-chain activity, an external data source is then required, and in this case, it’s an oracle.
The businesses processes which need implementation in the form of blockchain smart contracts require access to off-chain data.
Google is looking to close all these loops by using oracles that provide bidirectional interoperation between the on-chain contracts and the cloud services. Google would demonstrate it by successfully establishing interoperation between Ethereum-based contracts and its BigQuery cloud services via the ChainLink oracles.
Google would undoubtedly encourage more developers to build hybrid applications as they make the best out of the cloud-based services and the Blockchain’s smart contracts. Besides, ChainLink’s partnership with Google may serve to be a game-changer for the project given that still, Google is trailing Microsoft and Amazon.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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