A Google and Chainlink ( LINK ) mashup? No kidding.
In a post released on Thursday, labeled “Building hybrid blockchain/cloud applications with Ethereum and Google Cloud,” Google Cloud’s developer advocate Allen Day outlined how The middleware oracle technology from Chainlink is poised to facilitate the flow of data from Google’s BigQuery, a significant serverless data storage solution, onto Ethereum’s ever-expanding blockchain.
This powerful trio could create what Google Cloud refers to as hybrid cloud-blockchain applications, which were emphasized by Day:
“While countless applications exist, we’ve narrowed our focus in this article to a handful of highly useful, practical cases: prediction markets, futures contracts, and privacy in transactions.”
The developer advocate offered a succinct technical overview detailing how Ethereum decentralized applications, commonly known as dapps, can seamlessly obtain data from BigQuery through a Chainlink oracle contract, thereby initiating the execution of specific business logic for dapps.
We are ecstatic to announce Google’s strategic move to incorporate #Chainlink into its framework for adopting smart contracts. This is the process by which @GCPcloud users can leverage Chainlink to seamlessly interface with BigQuery, one of Google’s hallmark cloud services. https://t.co/TfaGPP5TlS
— Chainlink (@chainlink) June 13, 2019
A well-designed system would allow dapps to access blockchain data from Google Cloud’s Public Datasets Program, which houses data collections from eight distinct public blockchains. As mentioned separately by Coinmetrics.io co-founder Nic Carter on Twitter, this innovation enables blockchains to effectively become self-aware.
A groundbreaking innovation. Trusted oracles that can insert data into contracts directly on the blockchain empower blockchains to gain greater self-awareness, facilitating the settlement of various intricate bets. https://t.co/avejIjAJDz
— nic ???? carter (@nic__carter) June 13, 2019
According to Carter, this mechanism can ingeniously be used for creating hedges and placing bets on any number of blockchain-related aspects. Day showcased a use case involving Ethereum gas prices:
“Traditionally, financial contracts like futures and options were devised to help businesses mitigate or avoid risks tied to critical operational resources. Similarly, on-chain data like average gas prices can lead to the formation of straightforward financial instruments, with payouts triggered for holders if gas prices surge excessively.”
Additionally, Day mentioned how the BigQuery Chainlink oracle might bolster on-chain privacy and prediction markets. He believes that the suggested \"interoperability technique\" would generally steer the emergence of \"hybrid apps\" that capitalize on the strengths of smart contract and cloud platforms combined.
LINK Price Surges on the News
The potential for major developments wasn't lost on LINK investors either, as the token saw a vigorous uptick following the news of Google Cloud’s endeavors, reaching an impressive peak of $1.94. as its price spiked more than 60 percent on the day at one point.
Chainlink’s momentum continues as the project has been riding a high wave recently. Notably, the LINK token has been one of this year's outstanding performers, witnessing an over 150% increase in value this month alone and surging over 760% since January began.
What fuels this optimism? Enthusiasm within the community has been palpable, both before and after the launch of the Chainlink mainnet event on Ethereum, celebrated with great cheer at the end of May. Upon this milestone, mastermind Sergey Nazarov extended his gratitude to the supporters who have contributed along the journey:
“Our entire team and I deeply appreciate the enthusiastic, insightful, and genuinely interested community recognizing the long-term potential of our endeavors. Thank you for all your unwavering support.”
Bolstered by recent partnerships, the oracle proposition has been gaining momentum. Last month, Chainlink finalized a collaboration with Hedera Hashgraph, enhancing its distributed ledger through decentralized oracles.
This partnership brings the total number of Chainlink’s cryptoeconomy alliances to around 30. In the near term, there’s Matic Network — a proof-of-stake sidechain initiative — that recently announced its intention to incorporate integrating Chainlink technology into its infrastructure, likely heralding the first of many continued alliances.
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