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Google Cloud has joined hands with Band Protocol to integrate its oracles on Google BigQuery, an enterprise data warehouse that powers swift SQL queries. Band Protocol unveiled this news through a blog post on April 15, noting that this integration would help deliver instantaneous and accurate analyses of financial time series data. Reportedly, this is the first of many direct partnerships that seek to let developers create traditional, hybrid blockchain and cloud applications using decentralised oracles.
According to the blog post, both Band Protocol and Google Cloud teams are striving to help developers leverage decentralised oracles for all external data sources and types. Allegedly, Band Protocol oracles have a flexible design that will let developers get the data seamless regardless of whether the applications they work with are blockchain or Web 2-based.
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The publication went on to disclose the roles of each team, noting that Google Cloud will leverage Machine Learning to obtain analytics from financial time series data in real-time. Apart from this, the Google Cloud team will provide a Keras model, which implements an LSTM neural network to detect anomalies in the price feed. On the other hand, Band Protocol will provide the financial data directly from its public dataset through Google BigQuery.
Striving to make a mark in the oracle industry
Allegedly, the data obtained from the auto encoder-decoder can act as a dataset in and of itself. Developers can then use this dataset to support the development of new decentralised oracles through custom oracle scripts of BandChain. In turn, this would help increase the functionalities and offerings that Band Protocol provides.
This system would also grant on-chain smart contracts that run on any Band Oracles-supported blockchain access to pre-trained neural networks and anomaly-detection systems. Through this, the smart contracts would be able to complete multifaceted business logic in a trustless way without having to depend on data from additional external parties.
Commenting on this partnership, Kevin Lu, Band’s Head of Business Development, said,
With Band Protocol oracles fully integrated into Google BigQuery, this is the first of many use-cases we are exploring with partners to bridge traditional enterprises and blockchain applications. Our focus is to continuously and rapidly expand the support of data available on BandChain — pushing the use-cases far beyond just Web 3 alongside many enterprises.
This news comes after Band went live in 2019 as an ERC-20 token. However, the protocol shifted to the Cosmos chain in June last year and has since become one of the biggest competitors to Chainlink, the leading oracle service provider.