Swisscom is joining Chainlink, the world’s largest oracle network, as part of a pilot initiative. The Chainlink network provides important data for what are known as decentralised financial applications (DeFi), through which transactions worth several billion US dollars are now processed daily, such as on Aave and Uniswap. The rapid growth of this market is giving rise to new types of value chains and business models that could also gain relevance for the Swiss financial market.
Swisscom’s Digital Asset division is responsible for the pilot initiative and for ensuring the operation of what is called an oracle node, which will continuously feed digital asset price data into the Chainlink network. Swisscom is thus assuming an important role as a supplier for rapidly growing decentralised financial applications.
How Swisscom will act as a supplier for decentralised financial applications
In a sense, oracle nodes act as a bridge to off-chain data – currently mainly price data. The Chainlink network aggregates price data from all oracle nodes to produce a robust consensus value. This value can then be used by decentralised financial applications to settle financial contracts. Besides Swisscom, many other technology companies already operate such oracle nodes, including telecom giant T-Systems.
https://www.swisscom.ch/en/magazine/new-technologies/swisscom-to-become-part-of-the-worlds-largest-oracle-network/
