Swisscom, the country’s largest telecommunications and information technology provider, plans to become an Oracle node operator on Chainlink.
The pilot scheme will be led by Swisscom’s digital asset division, which will ensure that the oracle node continues to provide financial market and digital asset price data to the Chainlink network. The Chainlink pilot scheme sees the provider expand its services in the thriving Decentralised Finance (DeFi) space, playing an “important role as a supplier” of data for the rapidly growing number of DeFi applications that use Chainlink oracles.
Swisscom stated that it chose to run a Chainlink node in order to “remain relevant to its customers in this new world and to continue providing high-quality, cutting-edge technology services as a trusted supplier.”
Swisscom is headquartered in Ittigen, near Bern, and employs approximately 19,000 people. Swisscom is 51 percent owned by the Swiss government.
“We believe that making reliable off-chain data available on decentralized networks is a critical success factor for the future development of digital assets,” Dominic Vincenz, fintech innovation manager at Swisscom’s digital business, said.
T-Systems, a leading German telecommunications company, also announced in June that it would operate a Chainlink node.
Off-chain data from various sources, such as financial markets or insurance providers, is required for blockchain applications and smart contracts to function properly and provide accurate pricing and data.
Data is continuously collected from these sources and fed into the Chainlink network via Oracle nodes, where it is aggregated and verified using a decentralized consensus mechanism.
Off-chain resources provided by Chainlink include verifiable randomness, secure price feeds, external APIs, and much more.
Swisscom stated that it wanted to offer opportunities to customers “in a targeted manner” through DeFi and blockchain technologies and that its digital asset team “sees no end in sight to the growth of decentralized financial applications.”