Google Cloud is incorporating core technology from Band Protocol – which is a decentralized oracle service, to allow “immediate and accurate analysis of monetary statistic data,” consistent with Kevin Lu, head of business development at Band.
In line with an official announcement by Lu earlier on Thursday, Band’s Standard Dataset is now live on Google BigQuery, an enterprise data warehouse powering ultra-fast SQL queries. Lu explained the collaboration as “one of the direct partnerships with the Google Cloud team to permit traditional, hybrid blockchain and cloud applications to be built that use decentralized oracles.”
“Our teams are empowering researchers and developers to use decentralized oracles for any external data source or type, regardless if the appliance is natively built on the blockchain or Web 2, through the flexible design of Band Protocol oracles.”
Google Cloud has found out the way to translate financial statistic data into real-time analytics using machine learning. That data will come directly from Band’s public dataset via BigQuery.
Band launched earlier in September 2019 as an ERC-20 token before migrating over to the Cosmos chain later in June last year. The protocol has quickly emerged together with the main competitors to Chainlink, the blockchain industry’s leading oracle service provider. The protocol’s native BAND token has enjoyed tremendous success as lately as cross-chain interoperability and new developments surrounding DeFi still lure investors.
With reference to DeFi, oracles play a crucial role in securely transmitting financial data, like price and trading volume, to several blockchain networks. DeFi remains altogether |one amongst|one in every of”> one among the most important growth stories in all of the crypto assets, with over $121 Bln locked into several DeFi [Decentralized Finance] protocols at the time of reporting.