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stc Bahrain, a leading telecommunications provider, has become the first digital enabler in the Middle East and North Africa (MENA) region to launch an official Chainlink (LINK/USD) node. The node will provide smart contracts with access to secure off-chain computation and a secure source of real-world data, Invezz learned from a press release.
Node is live on Ethereum Mainnet
The node is live on Ethereum Mainnet (ETH/USD). There are plans to expand to other blockchains. Chainlink’s oracle solution connects smart contract applications to off-chain computations, existing web APIs, and other blockchain networks. It aims to expand the utility of dApps across the multi-chain ecosystem.
Supporting Price Feeds as first step
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As a first step, stc Bahrain’s Chainlink node is supporting Chainlink Price Feeds, which supply highly reliable and accurate market data to DeFi applications. These include stablecoins, money markets, derivatives, and synthetic assets.
By supporting Chainlink Price Feeds, the node additionally decentralizes delivery of data on-chain, supporting the ecosystem as the economic value and activities on blockchain networks increase.
Saad Odeh, Chief Wholesale Officer of stc Bahrain commented:
Our extensive experience in providing high-uptime telecom infrastructure for the Middle East region will help us to ensure the highest reliability for our Chainlink node deployment. This further showcases our commitment to the advancement of the digital economy where we will act as key enablers for the technologies of the future such as blockchain, artificial intelligence, and advanced content and cloud infrastructures.
Sergey Nazarov, Co-founder of Chainlink added:
With accelerating demand for validated data to enhance smart contract applications, there is a growing opportunity for leading infrastructure providers like stc Bahrain to provide their services to various smart contracts. Through the deployment of its own Chainlink node, stc Bahrain is supporting the smart contract economy by not only delivering critical data inputs but also positioning itself to provide a wide range of off-chain computations that are critical to smart contracts.
The latest telecommunication infrastructure
stc Bahrain owns and operates the latest, most diverse, and most reliable telecommunications infrastructure in Bahrain. In the future, they will leverage Chainlink node deployment to execute secure computation off-chain and support the delivery of a vast variety of real-world data sets.
Chainlink provides data for variety of uses
Many different kinds of decentralized applications are using Chainlink oracles for various reasons. These include access to sports data for dynamic NFTs, to weather data for insurance, keepers to automate smart contracts, verifiable randomness for on-chain gaming, and more.