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Reimagining Startup and Enterprise Innovation

Every Startup in the Blockchain with Oracle Cloud and Chainlink

Fernando Ribeiro
Senior Manager, Oracle for Startups

Let’s say that again. Every Startup in the Blockchain with Oracle Cloud and Chainlink.

A bold statement, but being bold is a core part of the Oracle for Startups ethos. In fact, it’s part of the vision of every startup we work with too.

‘Every Startup in the Blockchain’ is the bold vision that underpinned the Oracle for Startups new initiative announced during CloudEXPO.

In a session at the Silicon Valley event, we announced that Oracle for Startups is going to co-develop Chainlinks with 50 qualified startups. (join the program now to participate!).

So why should startups and their customers care about this concept of Every Startup in the Blockchain?

The blockchain applications include smart contracts that execute on the platform, like Oracle Blockchain Platform (a hardened and pre-assembled blockchain-as-a-service based on Hyperledger Fabric open source from Linux Foundation). Triggered by external requests, they have business logic that evaluates data and generates the next set of ledger updates.  If a blockchain can guarantee that a travel expense is within policy, for example, a smart contract can generate a payment order on an ERP system without any further approvals.

Usually smart contracts evaluate the data included in the on-chain ledger and the payload included in the request, but they may also need to get data from other external or internal sources in a trusted and deterministic manner (multiple nodes executing the same smart contract gets the same response).

If your startup can tell that a flight was a cheaper alternative for an employee at booking time (i.e. Smartrips), or that your inventory needs to be re-balanced across retailers (i.e. INCREFF), or how long it is going to take to deliver a package to your customer (i.e. iGeolise), you can open up additional revenue streams by selling this information to blockchain applications.

What about the LINK token?

Enterprises using Chainlink to call startups’ APIs through Chainlinks would pay Chainlink node operators using the LINK token.

The missing piece for supplying the data to smart contracts has been decentralized middleware technology to reliably and consistently provide off-chain data to these applications running in the blockchain nodes. You don’t want to bring bad data to a blockchain party, all inputs must be evaluated by a trusted “blockchain oracle” network like Chainlink, which can then timestamp and wrap them with non-repudiable signatures before providing them to smart contracts.

Sergey Nazarov, CEO of Chainlink said about the relationship, “We're excited about enabling the next generation of externally connected smart contracts together with Oracle for Startups, successfully generating an order of magnitude improvement in the usefulness and quality of the smart contracts available today.”

The Oracle for Startups team will publish content about launching Chainlink nodes on Oracle Cloud Infrastructure (OCI), integrating them with Oracle Blockchain Platform, and best practices for developing smart contracts that integrate to Chainlink in the coming months.

The excitement from the community has been fantastic both before and after the announcement at CloudEXPO.

 

 

 

 

 

 

Join Oracle for Startups to co-develop Chainlinks with Oracle for Startups, with free cloud credits and 70% discounts from day 1, as well as access to business enablement and marketing resources for your startup.

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