Google Cloud is integrating core technology from Band Protocol, a decentralized oracle service, to support “immediate and accurate analysis of financial time series data,” according to the head of business development at Band, Kevin Lu. Notably, price oracles are playing an integral role in driving blockchain adoption.
On April 15, Lu said that Band’s Standard Dataset is now live on Google BigQuery. The Google BigQuery is an enterprise data warehouse powering ultra-fast SQL queries. Lu went on to describe the partnership as:
“one of the direct collaborations with the Google Cloud team to enable traditional, hybrid blockchain and cloud applications to be built which use decentralized oracles.”
He further said:
“Our teams are empowering researchers and developers to use decentralized oracles for any external data source or type, regardless of the application is natively built on the blockchain or Web 2, through the flexible design of Band Protocol oracles.”
Google Cloud has discovered how to translate financial time series data into real-time analytics using machine learning. The data will be made available directly from Band’s public dataset through BigQuery.
Band went live in September 2019 as an ERC-20 token before it migrated over to the Cosmos chain in June last year. This protocol has rapidly emerged as one of the major rivals to Chainlink, the blockchain sector’s leading oracle service provider.
The protocol’s native BAND token has enjoyed huge success lately as cross-chain interoperability and new developments surrounding decentralized finance (DeFi) continue to attract investors.
Oracles in the DeFi world play an integral role in securely transmitting financial data, like trading volume and price, to different blockchain networks. Decentralized Finance remains one of the biggest growth stories in all of the crypto world, with over $121 billion locked into various DeFi protocols at the time of writing.