Several leading oil firms and financial organizations have partnered to launch a #blockchain-based energy commodity trading platform. The platform, called Vakt, should be operational in the North Sea Oil Markets by the end of November. #trade #finance #oil
RT @ConsenSys: .@ConsenSys is working with Citi, ING, Shell & more on an #Ethereum #blockchain platform for financing commodities trading. Blockchain is viewed as a solution to trade & settlement inefficiencies and to improving transparency and reducing the risk of fraud https://t.co/sv8KZC7MNX
I know people like to get excited about business x or institution y, but when it comes down to it, if Chainlink are first to market with a functioning decentralised oracle network then specific partnerships don't even really matter.
It's like Ethereum is a car that can only go in a straight line, and everyone had this speculative frenzy last year where they said "What if we drive it in this direction, or in this direction!" And a trustless oracle network is the steering wheel.
I've honestly gotten to a point where, when a new major institution says they're looking into Chainlink, my response is more "lucky for them" than, "that's good for LINK".
I always think of it more like we're watching the rebirth of computing through decentralized means. So Ethereum is like some old ass computer running an Intel 8086 chip. Its slow, and can basically only handle simple, local apps, but its better than nothing. Competing platform chains are like other lines of computer with different configurations of processor, RAM, storage, etc.
But at the end of the day, how useful is a computer that runs on its own? If all computation and data is trapped on that specific computer, then the use cases of any app running on it are limited. Chainlink is like plugging that computer into the internet and letting it exist as part of a network of computers. If its adopted as the standard oracle, network effects kick in and it will effectively become the internet of blockchain tech. Now imagine someone had come to you in the 80s and said they want to sell you a "piece of the internet", and that there would only ever be 1 billion pieces...