Oracle and Chainlink To Put An Integrated Effort Into Boosting Startups

Oracle and Chainlink To Put An Integrated Effort Into Boosting Startups

Blockchain
July 31, 2019 Editor's Desk
251
Blockchain has proven to be a massive, exclusive weapon in start-ups’ innovation arsenal over the past decade. This advanced technology has opened up a new platform for small and potential enterprises looking to grow in this new era of modernization. Blockchain was almost like science fiction, providing aid to the problematic world of venture capitalism
Oracle chainlink blockchain

Blockchain has proven to be a massive, exclusive weapon in start-ups’ innovation arsenal over the past decade. This advanced technology has opened up a new platform for small and potential enterprises looking to grow in this new era of modernization.

Blockchain was almost like science fiction, providing aid to the problematic world of venture capitalism for ICOs and, also implementing the technology in various disruptive ways kicking out the traditional methods in finance, economics, health, banking, and other sectors.

But even so, things have rapidly changed in the blockchain world. Microsoft, Amazon, Oracle, and IBM are now pitching in blockchain solutions along with the quirky young millennial founders and CEOs. Everyone would have different opinions about this. One may see it as a progressive step in operating and adopting the technology but another would perceive it as corporate bullying as these big companies snatch away a decentralized tool of the people.

However, rather than it being an exclusive technology, there is proof of these two sides mingling and interacting over a coin, with blockchain as the middle bridge.

Oracle, which is one amongst the biggest software companies in the world and provides a good amount of enterprise blockchain offering, is doing its part in helping and assisting start-ups to achieve success. They recently announced their collaboration with Chainlink and are pushing their business to this side of the market with the help of blockchain.

Partnership with Chainlink

It was reported that Chainlink would be collaborating with Oracle and help them with the start-up programs in June. This program works with innovators and start-ups across the world regardless of their technology or locations.

It gives cloud credits, mentorship, relative pricing discounts and also access to Oracle’s marketing and consumer resources. Its objective is to boost start-ups by helping them sell their data as an additional revenue system, in collaboration with Chainlink, being one among the many projects that they are working on.

The decentralized technology will be to improve the monetization of APIs through smart contracts on the Oracle Blockchain Platform.

Therefore, the integration with Chainlink, for the Start-ups program under Oracle, and the benefits provide us with a service for these start-ups to increase funds with comparatively less work. Smart contracts carried out most of the leg work 

Why start-ups particularly?

The question that comes to mind instinctively is why Oracle is going out of their way to support start-ups with this technology. And the answer would be the innovation, which is the fundamental unit of start-ups.

“The Oracle for Startups program exists to enable new businesses to build and expand their products through Oracle Cloud solutions and other resources, which is helping drive stronger ecosystems and innovations that benefit the start-ups, Oracle and our customers,” Fernando Ribeiro, a senior manager with Oracle for Start-ups, told us. “We like to refer to it as building a virtuous cycle of innovation where we can all win. Many of our start-ups are finding revenue generation opportunities as a benefit of being in the Oracle for Startups program. The program is enabling a new generation of start-ups and developers to collaborate, build, and scale on enterprise-grade solutions like Oracle’s next-generation cloud infrastructure and blockchain-as-a-service.”

For enterprises as big as Oracle, the freedom to innovate may be more difficult than for start-ups. Although, working with these innovators and start-ups keeps them having a finger on the pulse and control over the system.

Why blockchain technology?

The following question aroused would be why Oracle is seeking help from the blockchain technology, with it still being in its emerging and nascent stage. And even more so, why they are collaborating with Chainlink to dig deeper into the technology.

Ribeiro answered that as well saying:

We believe the easier you make it for blockchain applications to securely leverage off-chain data sources, the more value they could generate for customers using blockchain, and this collaboration with Chainlink and the wider start-up ecosystem is going to help to test, learn and hopefully validate that. Our start-up program continuously tests, iterates, and learns to advance technology forward. If easier availability of and secure connections with diverse external data sources make blockchain applications more useful, it will drive more customers to Oracle Blockchain Platform. Besides, some of our enterprise customers need their blockchain applications to access data from other enterprise systems, and Chainlink approach could potentially be an interesting way to achieve this.”

Only the beginning for enterprises

The integration with Chainlink and increased market offering for start-ups from Oracle is, nevertheless, strongly enticing. Funding is often a massive obstacle for innovators and may even halt their progress. Hence, to keep the ideas grow and to have a system intended specifically to increase revenue with the help of Blockchain, it is a big help from big companies like Oracle itself. 

Also, this kind of investment in blockchain technology could lead to a lot more for other enterprises who are thinking of taking the big jump to emerging technology.

“We always want to work with pioneers in their fields, like Chainlink, to stay ahead and push innovation forward,” Ribeiro explains. “This is a big part of our Oracle for Start-ups program mission.”

“I think integrating data sources with blockchain is something that helps to make it more useful, and I would imagine several companies would want to have some capabilities to do this, whether leveraging Chainlink or alternative approaches.”

“As Oracle Blockchain Platform takes off, we want to collaborate on initiatives like this to explore these new opportunities.”

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