Chainlink, the cryptocurrency underdog that is tackling decentralized oracles may have hit jackpot with possible integration of their solution on BigQuery. The team expressed their excitement in an official tweet, stating that:
We’re thrilled to share that Google is one of the great companies integrating Chainlink into their approach to smart contract adoption. Here’s how GCPcloud users can use Chainlink to connect to BigQuery, one of Google’s most popular cloud services.
Google detailed the possible use cases of Chainlink in building hybrid blockchain and cloud applications using Ethereum smart contracts and Google Cloud. Some of the possible application scenarios include providing on-chain data in prediction markets, futures contracts, and in transaction privacy.
The image below describes the entire process.
First, a smart contract application requests data from Chainlink. Chainlink then moves to retrieve the required data from a web service such as BigQuery and Google App Engine through an Oracle contract. Chainlink nodes are on the lookout for these requests and once the required parameters of the request are met (payment of the specified gas price), the request is executed.
Once a response is gotten from the web service, the Chainlink node returns the data to the smart contract which triggers its execution.
While this may appear quite technical to a regular investor, the point is that Chainlink is building something useful and big.
The market has taken the news of this integration in a positive light. As at press time, LINK has gone up by over 56%.