Google Cloud is deploying core technology from Band Protocol, a decentralized oracle service, to facilitate “immediate and accurate analysis of financial time series data,” as per Kevin Lu, chief of business development at Band.
Lu stated Thursday that Band’s Standard Dataset is now active on Google BigQuery, a company data warehouse supporting quick SQL queries. Lu explained the collaboration 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 stated:
“Our teams are empowering researchers and developers to use decentralized oracles for any external data source or type, regardless if the application is natively built on the blockchain or Web 2, through the flexible design of Band Protocol oracles.”
Google Cloud has created a methodology to convert financial time series info into instantaneous analytics utilizing machine learning. That info will arrive straight away from Band’s public dataset through BigQuery.
Band was rolled out in September 2019 as an ERC-20 token before shifting to the Cosmos chain in June 2020. The covenant has swiftly risen as one of the top competitors to Chainlink, the blockchain sector’s top oracle service provider.
The covenant’s in-house BAND token has recorded exceptional success in recent times as cross-chain compatibility and fresh advancements encompassing DeFi continue to attract investors.
With regards to decentralized finance, oracles perform a crucial part in safely distributing financial info such as trading volume and price to numerous blockchain networks. DeFi stays as one of the greatest growth stories in crypto industry, with over $121 billion staked in several decentralized finance covenants as of date.