As the price of Bitcoin hit an ATH in 2020, the crypto sector has continued to receive attention from major tech firms like PayPal and Square. Recently, PayPal availed crypto services to 200M+ users globally.
The rise of Bitcoin has helped to shine the spotlight on firms in the blockchain and crypto sector. One of the firms that have earned recognition is Band Protocol. Recently, it became the first blockchain firm to join the OpenAPI Initiative. It will now work alongside tech giants such as eBay, IBM, Bloomberg, Google, and Microsoft.
About Band Protocol And The OpenAPI Initiative
Band Protocol was recently integrated as a member of the OpenAPI Initiative, which means it will work parallel to leading firms like Google, Microsoft, IBM, eBay, and Bloomberg. The goal of the initiative is to create a common API standard, which will allow blockchain apps to leverage data and APIs with ease.
The OpenAPI initiative has a mission of developing DApps and smart contracts based on common standards. It will ensure that they can be integrated reliably and securely with centralized systems. Additionally, it will ensure the APIs can communicate and share data amongst themselves.
1/ 👨💻 Band Protocol is proud to join @OpenApiSpec as the first blockchain firm alongside @GoogleCloud, @IBM, @Business, @Microsoft, to connect blockchain apps to APIs and streamline the exchange of data between smart contracts and off-chain data sources.https://t.co/bwlNG6emmH
— Band Protocol (@BandProtocol) December 14, 2020
The Growing Significance of APIs In The Blockchain Sector
An API acts as a software intermediary that allows two applications to communicate and share data effectively and efficiently. By doing so, it helps to increase accessibility and improve the user experience. There is a growing recognition of the role of API in connecting blockchain-based applications.
Recently, the Associated Press, the world’s most trusted news source, made headlines after it used the blockchain to track the results of the US elections. The company tracked the elections using the blockchain while also using their own API to ensure those tracking the results could see the results were verified by the blockchain.
Why The OpenAPI Initiative Matters
There are many reasons why developing common API standards in the blockchain sector is important. Some of the reasons are:
- Large data and tech companies can create new revenue streams by selling the price feeds and data to smart contracts.
- With the APIs, it will be possible to securely access and exchange data, which has proven crucial during the DeFi boom in 2020.
- It is a crucial step for the successful integration of Dapps and smart contracts with legacy networks.
- Almost all firms with mobile apps use APIs to connect data to third parties. It is only natural that DApps would take the same direction.
What The Leadership Team Had To Say
According to the Marketing Group Chair at the OpenAPI Initiative and Product Manager at Google Cloud, Marsh Gardiner,
“The OpenAPI Initiative standardizes how the industry describes and documents APIs. We are thrilled to welcome Band Protocol as the first blockchain-based member to join the initiative.”
Soravis Srinawakoon, CEO and Co-Founder of Band Protocol, and a Forbes 30 under 30, also commented on the development. He said,
“Our mission is to define a common API standard for blockchain applications by collaborating with prestigious partners to bridge the gap between centralized data, APIs, and smart contracts on the blockchain.”
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