GOOGLE CLOUD INTEGRATION WITH BAND PROTOCOL ORACLES.
Google Cloud has integrated the Band Protocol’s Standard Dataset, live on Google BigQuery, to enable immediate and accurate analysis of financial time series data. With Band Protocol oracles live on BigQuery, this is one of the direct collaborations with the Google Cloud team to enable traditional, hybrid blockchain and cloud applications to be built which use decentralized oracles.
Their teams are empowering researchers and developers to use decentralized oracles for any external data source or type, regardless if the application is natively built on the blockchain or Web 2, through the flexible design of Band Protocol oracles.
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Accurate and reliable price discovery mechanisms are crucial to all capital markets. Google Cloud has shared insights on how analytics can be derived from financial time series data, in real-time, using Machine Learning. In particular, a Keras model implementing an LSTM neural network for anomaly detection is provided. The financial data used comes directly from the Band Protocol public dataset available in Google BigQuery.
More interestingly, the data derived from the auto encoder-decoder could be considered a dataset in and of itself. This dataset can then be used to support the creation of a new decentralized oracle through custom oracle scripts on BandChain — further expanding the capabilities and offerings provided by Band Protocol.
On-chain smart contracts on any blockchains supported by Band oracles will then be able to in turn have access to pre-trained neural network and anomaly detection systems to perform complex business logic in a trustless manner without relying on other extra external parties.
Take a decentralized insurance protocol as an example, claims can be triggered and conditioned based on data anomaly detection while computation on-chain remains relatively minimal with little overhead. The idea can be further generalized to different types of software to enable smart contracts to delegate complex or expensive computations to GCP and thus creating hybrid cloud-blockchain applications.
About Band Protocol
Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Band Protocol enables smart contract applications such as defi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.
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