- Google join hands with Chainlink to develop hybrid blockchain based cloud applications
- The company will be using Chainlink’s Oracle to connect Ethereum Smart contracts and Google’s BigQuery
- The Announcement saw a 70% rise in $link prices
Google has always been cautious about cryptocurrencies so far as it has proved that a few months earlier by cracking down on cryptocurrency related ads. Recently the IT giant rolled out the June 2019 core update and that has also affected many of the crypto-related website causing them to lose traffic and shutdown. Things weren’t looking so great with Google around until the company’s latest announcement which stated that tech giant is working on developing hybrid blockchain cloud applications using Ethereum’s smart contracts technology and its native cloud service BigQuery, connected through Chainlink.
Solving problems? Yes indeed
Smart contracts are fully embedded within the public blockchain network and this makes an alteration of any data within the smart contract impossible. These results in all the participants, committing their resources based on a certain agreement while trusting that these contracts will be executed without any errors or intervention from third-parties. But none of that addresses the fundamental issue of what or where is the location of the variable via which the contract evaluates itself. If the variables are not derived from a source inside the blockchain, a trusted external source will be required and in that case, Google and Chainlink step in. Google plans to bridge this gap using oracles which bidirectional interoperation between on-chain smart contracts and its cloud services.
Google demonstrates this by establishing a connection between Ethereum-based smart contracts and Google’s very own BigQuery Cloud services with the help of a partnership with ChainLink. The partnership with chainlink will allow integration of from traditional finance into on-chain smart contracts. These solutions will have three technical implementations or use cases as presented by Google:
- Hedging Against Blockchain Platform Risk
- Prediction Marketplaces
- Improving Transaction privacy
The blog post stated:
“This assembly of components allows a smart contract to take action based on data retrieved from an on-chain query to the internet-hosted data warehouse. At a high level, Ethereum Dapps (i.e. smart contract applications) request data from Chainlink, which in turn retrieves data from a web service built with Google App Engine and BigQuery”.
The announcement further mentions that using Chainlink services will help reduce the “manifestations of inefficiency” and in many cases will add completely new features to Ethereum smart contracts and this will benefit various commercial models that need to be implemented. Google asks the developers to focus on building more hybrid applications and also make use of the Blockchain’s smart contracts and cloud services.
Chainlink price surged prior to the announcement
Holders of the cryptocurrency Chainlink (LINK) were stoked about the company’s mega milestone in partnering with tech giant Google. The price of Link tokens surged over 70% hitting an all-time high of $1.94 with it’s market capital hitting $680 million. This could easily be one of the best performers of this season because it’s one of those few projects that have really great use cases.
