Swisscom joins Chainlink oracle network

August 6, 2021

Swisscom joins Chainlink oracle network

One of Switzerland's largest telecoms companies Swisscom has joined the Chainlink oracle network. The node launched by the organisation will transmit data on the prices of digital assets to the blockchain.

Switzerland's leading telecommunication & IT infrastructure provider @Swisscom is now running its own official #Chainlink node on mainnet and servicing Chainlink Price Feeds, further increasing the robustness & decentralization of Chainlink oracle services.

Blockchains do not have access to information outside the network, so they need special programmes - oracles that provide data from external sources for smart contracts. Chainlink connects them via APIs to external resources - decentralised applications, payment and enterprise systems.

"Swisscom's Digital Asset Division is responsible for piloting the initiative and ensuring that a so-called oracle node will continuously feed digital asset price data into the Chainlink network. As such, Swisscom is taking on the role of data provider for the fast-growing decentralised financial applications sector," the company said in a statement.

Speaking to CoinDesk, Chainlink co-founder Sergey Nazarov noted that Swisscom has an important quality for a node operator - the company has high security standards. Nazarov also stressed that more businesses are "starting to see the value in node management".

Swisscom is headquartered in the Swiss commune of Ittigen (canton of Bern). The company is 51% owned by the Swiss government. The company employs around 19,000 people.

Swisscom is the second telecommunications company to join the Chainlink network. A unit of German giant Deutsche Telekom launched the node in July 2020.

As a reminder, digital asset manager Grayscale Investments included the LINK coin that powers the Chainlink ecosystem into the Digital Large Cap Fund trust in April 2021.

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About the author

Hi there, my name is Zalman Weinberg. I'm enthusiast with over 7 years of experience in cryptocurrencies and blockchain. Professional Trader providing Blockchain solutions to Startups and Enterprises. Expert in all cryptocurrency exchange APIs (BitMEX, Bittrex, Binance, Bitfinex, Kraken, Poloniex, Gdax etc.). I have also worked with multiple Forex broker APIs.

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