Allen Day, Developer Advocate, Google Cloud announced on 13 June that using blockchain protocols and technologies could be accelerated by integrating with modern internet resources.
Allen conveyed that a few applications making use of internet-hosted data available inside a public blockchain would be described. He opined that possible applications were innumerable, but there are a few that are of high and immediate applicability: prediction marketplaces, futures contracts, and transaction privacy. Broadly, ethereum app builders using Google software would be able to integrate data from sources outside the blockchain.
Allen expressed on the intuitiveness of the offer as –
“A business process implemented as a smart contract is performed on-chain, and that is of limited utility without having access to off-chain inputs. To close the loop and allow bidirectional interoperation, we need to be not only making blockchain data programmatically available to cloud services, but also cloud services programmatically available on-chain to smart contracts.”
Allen clarified that Google’s partnership was with Chainlink, a company that provides the optimum infrastructure to run self-executing smart contracts. The integration with Chainlink offers a service called an oracle to integrate data like interest rates and price information. This relay of information from traditional finance onto on-chain smart contracts is another feature that would allow processes to be implemented directly on the blockchain.
Allen actually demonstrated how a smart contract application for a cryptocurrency like ethereum could use the integration between Chainlink and BigQuery. This could be to settle speculative bets in prediction marketplaces, process futures contracts to reduce risk and make transactions more private. Allen indicated that Chainlink had raised 32 million U.S. dollars in an initial coin offering, and its facilitation could enable more creative payment plans.
In May, Qtum, an open-sourced blockchain application platform, announced its deployment of blockchain tools by working with Google Cloud. Qtum began by conveying that these tools are not being levied any fee. These applications are so designed that both developers and common users would be benefited. The productivity gain that the tool offers is that it provides an economical way of building applications on the Qtum blockchain.
In February, US-based digital currency wallet, Coinbase would soon allow its users to back up their encrypted keys on Google Drive or iCloud. This latest feature would act as a shield for users and assist them in avoiding loss of funds, in cases like misplacing private keys or losing their device. Coinbase Wallet with cloud backup would provide crypto users the ability to store an encrypted copy of recovery phrase on a private cloud account.