Blockchain

Oracle Creating a ‘Virtuous Cycle Of Innovation’ Through Blockchain and Chainlink with Start-Ups

The blockchain technology has proved to be a great innovation right from the start. Not only did it open new doors of opportunities to young founders and entrepreneurs, but it also disrupted the conventional ways of industries.

Start-ups around the world had already ventured into the blockchain space recognizing the power of this technology. But now it seems even giant companies have realized the technology’s potential. Enterprises such as Amazon, Oracle, IBM, and Microsoft venturing into this space is proof of that.

Oracle, for instance, announced its collaboration with Chainlink recently. It’s worth noting that Oracle, a globally prominent software company, offers enterprise blockchain solutions. With this partnership and blockchain technology, they intend to aid start-ups to succeed.

Chainlink integration

It was first announced in June that Chainlink would begin to work with Oracle and its program termed as Oracle for start-ups. This dedicated program for start-ups, partners with innovators and start-ups across the world irrespective of their technology and location. From offering mentorship, pricing discounts, and cloud credits to providing accessibility to the company’s customer as well as marketing resources; the program has it all.

The collaboration with Chainlink is one among the many projects Oracle is engaged in. However, this particular project aims to help start-ups sell their data as another revenue stream in order to accelerate them. For this, the decentralized oracle technology of Chainlink will be utilized optimally for monetizing APIs through smart contracts on Oracle Blockchain Platform.

Therefore, for all the start-ups which are a part of the Start-Up program of Oracle, the Chainlink partnership would let them acquire more funds with a minimal effort on their part; the smart-contracts would do major leg-work.

Extending support to start-ups

When asked why they are exploring this latest technology to help start-ups, Fernando Ribeiro, Oracle for Start-ups’ senior manager, told Forbes that their Start-ups program allows newer businesses to form and grow their products via Oracle Cloud solutions in addition to other resources. This, in a way, is helping to strengthen innovations and ecosystems, benefitting not just the start-ups but Oracle and its customers too.

Elaborating further, Ribeiro said that they refer to this as developing a virtuous innovation cycle where everyone can win. He also revealed that many of the start-ups have found revenue generation chances as an advantage of being in their program.

Ribeiro also threw light on why they chose the emerging blockchain technology and a partnership with Chainlink. Per Ribeiro, they believe it will make things easier for blockchain apps to optimally use off-chain data origins securely and would generate more value for clients utilizing blockchain. The Chainlink collaboration and the ecosystem of start-up will help learn, test, and validate the same.

Ribeiro also added that they are always interested in working with pioneers of their fields such as Chainlink to lead and push forward the innovation. It forms a major part of Oracle’s Start-up program’s mission, explained Ribeiro.

If we look at the broader picture, this collaboration sure seems to boost the revenue of start-ups while making the blockchain space more encouraging for innovators.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
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