Google Cloud Services Add Blockchain Education Resources After Supporting Ethereum Smart Contracts
Google’s new infatuation with Ethereum has recently taken the entire crypto ecosystem by a storm. They have reportedly partnered with Chainlink, as an official Cloud Partner and the relationship suggests a deep and detailed interest in blockchain technology.
The partnership has a goal to place BigQuery data on the blockchain using a “Chainlink oracle smart contract.” Notably, Big Query is their warehousing and business intelligence solution.
Allen Day, a Developer Advocate with Google said:
“At a high level, Ethereum Dapps (i.e. smart contract applications) request data from Chainlink, which in turn retrieves data from a web service built with Google App Engine and BigQuery. One or more Chainlink nodes are listening for these calls, and upon observing, one executes the requested job. External adapters are service-oriented modules that extend the capability of the Chainlink node to authenticated APIs, payment gateways, and external blockchains. In this case, the Chainlink node interacts with a purpose-built App Engine web service.”
This technique can be used to reduce inefficiencies (submarine sends use case) and in some cases add entirely new capabilities (hedging use case) to Ethereum smart contracts, enabling new on-chain business models to emerge (prediction markets use case). The essence of this approach is to trade a small amount of latency and transaction overhead for a potentially large amount of economic utility.
Once tech giants like Amazon, Google, Facebook, and Microsoft enter the blockchain space, it essentially will be a game changer. We can already see efforts by these companies being made and can be sure that in the near future, they will embrace this technology with open arms.