Oracle, the giant tech firm, made headlines in June when it announced that it would be working with Chainlink to help startups monetize their APIs with the help of Chainlink’s oracle technology. Now, the company has revealed the first group of companies that will take part in this effort. The first twenty firms were revealed by Oracle for Startups on October 28. These firms will use the APIs together with smart contracts that will run on the Oracle Blockchain Platform.
The software giant is planning to use this dry run to help at least 50 firms sell data to Oracle’s 430,000 clients. As a result, startups will be able to create a new revenue stream using smart contracts running on the blockchain.
Who are the Inaugural Firms?
The companies taking part in this project come from various sectors and regions of the world. All of them are looking forward to the chance to sell their data via the Chainlink oracles. If this trial run is a success, it could prove that businesses from anywhere and in any sector could find new avenues of monetization in the future. Some of the firms taking place in the project are:
- CyNation (risk assessment)
- DriveOn (auto insurance)
- Monochain (Clothes reselling)
- World Law (manages court evidence)
With this first batch, the main goal will be to optimize the process by studying some of the kinks that might arise. The teams working on this project will also examine and note the best practices for smart contract development. This will then be used to integrate with Chainlink to help build up knowledge that benefits the ecosystem.
A company official said that the startups chosen for this trial would work with node operators of the Chainlink blockchain to create a network of entities with mutual interests. The official added that neutral third-party API marketplaces such as Honeycomb and LinkPool would be an important catalyst by offering services by coming up with services that build links between the startups, smart contract developers, and the node operators.
Chainlink is Attracting Major Firms
Most crypto projects would be happy to gain the attention of just one large company. However, Chainlink has attracted the attention of about three in 2019. For instance, the company is also working with Thomson Reuters, one of the largest brands in Canada. Additionally, the project recently announced that it would with working with OpenLaw.
Even Google seems interested. Google Cloud announced what it dubbed the hybrid blockchain/hybrid cloud applications a while back. This initiative would rely on various existing projects such as Chainlink, Ethereum, and BigQuery, which is a serverless platform as a service data warehouse that was created by Google.
At the time, an official from Google said that there were endless possible applications. However, the company has decided to focus on a few that they thought were of high value and offered immediate utility. The areas of focus for the project by Google are future contracts, prediction marketplaces, and privacy during transactions.
Image Source: Shutterstock