ChainLink (LINK) Grant to Further Adoption of Oracles Setting Industry Standard

Adoption of Oracles and Hybrid Contracts is important for ChainLink to be Future Proof.  They are now offering a grant to sponsor a study, which is bringing together Engineers, Academics, and Industry Leaders from across the globe to define international standards in terms of adoption of Oracles and Hybrid Smart Contracts.

IEEE BDL is the IEEE Computer Society Blockchain and Distributed Ledger Standards Committee.

Chainlink has now collaborated with the IEEE Computer Society Blockchain and Distributed Ledger Standards Committee (IEEE BDL) to develop global standards around the adoption of decentralized oracle networks.

The Chainlink Community Grant will sponsor a new study group which will bring together a diverse network of international engineers and decision-makers from governments, companies, and academic institutions to come up with a common framework which will establishes best practices to build dApps with oracle networks and hybrid smart contracts.

The oracle study group will focus on:  Leveraging the time-tested framework of the IEEE’s proven, provide for end-to-end creation, production, and distribution of open, balanced, and market-driven technology standards.

Accelerating hybrid smart contract application development by creating trusted global standards about securely, reliably, and efficiently using oracles to connect blockchains to traditional data providers.

The ultimate aim is to create an economically fair, transparent and globally connected world through application of blockchain and oracle technology to identify systemic risk in developed markets to generate major technological leaps in the emerging markets.

IEEE are the leading developers with active portfolio of more than 1,300 set industrial standards. They make use of wide spectrum of technologies to improve on their capabilities and interoperability of products and services. IEEE have to their credits highly-cited publications, conferences, technology standards, professional and educational activities which innovate contributions to overall developments in the way people, live, work, and communicate.

Chainlink Labs being a leading provider of blockchain oracle technology will provide the study group with chair and domain expertise to educate the global community on oracle solutions and to help establish technical standards which will benefit all users.

Oracles are the bridge between today’s current digital infrastructure and the emerging digital infrastructure of the future which is getting built on blockchains. Therefore, it is very important to create a shared framework around the oracle layer for these two environments to interact in a secure manner.

By bridging current and emerging computing infrastructure, hybrid Smart Contracts become possible.