In the development signifying that the on-chain and off-chain worlds are finally merging together, credible worldwide news agency founded in 1846 Associated Press announced that it will become a data provider for Chainlink’s decentralized oracles on Oct 21. According to the press release, the credible journalism service “will provide trusted economic, sports and race call datasets available to leading blockchains via Chainlink”.
This data will be provided after being cryptographically verified by Associated Press to smart contracts running on different blockchains, so they can self execute complex logic code with the added enhancement / enabling of new use cases via access to real world events data. The integration heralds a new era of cryptocurrency and the blockchain industry moving from only speculative value to essential assets providing significant utility and benefit to the society.
It must be noted that Associated Press partnered with Everipedia before to publish U.S. election results on the Ethereum blockchain in 2020. It has also issued NFTs early this year, tokenized news as NFT for collectors and worked to feed data to dynamic NFTs, capable of reacting to conditions. The new enhanced data sets delivering more general information will allow Associated press to assist with enabling smart contracts to make complex decisions. This integration of Associated Press will enable transcendent use cases in finance, securities, exchange services, smart-wallets, recovery, predictions, gaming and gambling etc.
Chainlink technology is the ideal way to provide smart contract developers anywhere in the world with direct, on-demand access to Associated Press trusted economic, sports, and race call data. Working with Chainlink allows this information to be compatible with any blockchain. The open-source software is reliable, secure, and widely used across leading blockchain networks.
Dwayne Desaulniers – Associated Press Director Of Blockchain & Data Licensing
According to the Associated Press “the data can be used to automate key processes that happen on-chain, including informing markets of election race calls, triggering an on-chain trade when a company’s quarterly financials are released, or augmenting the appearance of non-fungible tokens based on real-world events”. This new initiative by the Associated Press confirms that interest and demand is rising for trustless code and decentralized protocols, operating without any intermediaries. The Association Press integration with Chainlink oracles will assist further with bridging real world with the blockchain protocols.
Associated Press has established itself as one of the most trusted independent news organizations in the world for real-time news in all formats. Given its large and continually growing repository of facts and data, combined with Chainlink’s proven oracle infrastructure for providing reliable data feeds across leading blockchain networks, it makes sense for the AP to launch a Chainlink oracle node and support innovation within emerging smart contract industries
William Herkelrath – Managing Director Chainlink Labs
About Chainlink Oracles
Chainlink is the premier decentralized data oracles service, which connects smart contracts to off-chain real world events information, particularly the outcome. The oracles are secure, resistant to manipulation and thus reliable. They are sourced from high quality data aggregators, transferred securely via nodes and finally delivered to smart contracts, so they can make decisions based on them. The protocol has the highest network effect and integrations with entities / companies than any of its competitor. Its native token is the ERC-20 standard LINK token.
About Associated Press
The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.