For ChainLink to be Future Proof, Oracles and Hybrid Contracts must be implemented. They’re currently giving a grant to fund a research that will bring together engineers, academics, and industry leaders from all around the world to develop worldwide standards for the adoption of Oracles and Hybrid Smart Contracts.
The IEEE Computer Society’s Blockchain and Distributed Ledger Standards Committee is known as IEEE BDL.
Chainlink has teamed up with the IEEE Computer Society’s Blockchain and Distributed Ledger Standards Committee (IEEE BDL) to create worldwide standards for decentralized oracle networks acceptance.
The Chainlink Community Grant will fund a new research group that will bring together a varied network of worldwide engineers and decision-makers from governments, enterprises, and academic institutions to develop a common framework for building dApps with oracle networks and hybrid smart contracts.
The oracle study group will concentrate on: Using the IEEE’s established framework, enable end-to-end invention, production, and dissemination of open, balanced, and market-driven technological standards.
Creating accepted worldwide standards for safely, reliably, and quickly connecting blockchains to traditional data sources to accelerate the development of hybrid smart contract applications.
The ultimate goal is to use blockchain and oracle technology to identify systemic risk in mature markets and produce huge technical leaps in emerging markets, resulting in a more economically fair, transparent, and globally linked society.
IEEE is the industry’s top developer, with a portfolio of over 1,300 current industrial standards. They employ a wide range of technologies to enhance their capabilities and product and service interoperability. IEEE has highly referenced papers, conferences, technical standards, professional and educational activities to their credit, all of which contribute to overall changes in the way people live, work, and communicate.
Chainlink Labs, a renowned supplier of blockchain oracle technology, will serve as the study group’s chair and domain expert, educating the worldwide community on oracle solutions and assisting in the development of technical standards.
Oracles serve as a link between today’s digital infrastructure and the future digital infrastructure, which is based on blockchain technology. As a result, it’s critical to build a common foundation around the oracle layer so that these two environments may communicate safely.
Hybrid Smart Contracts are made possible by linking present and upcoming computer infrastructure.