Facade with logo at regional headquarters of software company Oracle in the Silicon Valley town of ... [+]
It was not too long ago that start-ups had a massive, exclusive, weapon in their innovation arsenal - Blockchain. This new technology opened up a new world for small and adventurous companies looking to make it big in the next wave of modernization.
From ICOs, which provided funding in a new way, bypassing the problematic world of venture capitalism; to implementing the technology in disruptive ways against the traditional monopoly of finance, economics, health, banking and a host of other sectors - blockchain was almost science fiction.
Things have changed, rather rapidly, in the world of blockchain though. It is no longer the quirky young millennial founders and CEOs pitching blockchain solutions, it is Microsoft, Amazon, Oracle, and IBM who have all entered the race.
Dependant on your viewpoint, this can be seen as a significant step in legitimizing and adopting the technology, but it can also be viewed as corporate bullying as these notable companies snatch away a decentralized tool of the people.
Still, there is evidence of these two sides of coin mingling and interacting, with blockchain being the bridge - rather than the coveted and exclusive technology.
Oracle, one of the biggest software companies in the world, which provides its comprehensive enterprise blockchain offering, is doing its bit to aid and assist start-ups in succeeding. They are also pushing this side of their business with the help of blockchain and a recently announced partnership with Chainlink.
Integration with Chainlink
In June it was announced that Chainlink would be working with Oracle and its Oracle for Startups program. The start-up program works with start-ups and innovators across the globe regardless of their location or technology.
It offers cloud credits, significant pricing discounts, mentorship, and access to Oracle’s customer and marketing resources. This initiative with blockchain project Chainlink is just one of many that they are working on, but it is one that is aimed at boosting start-ups by helping them sell their data as an additional revenue stream.
Chainlink’s decentralized oracle technology will be leveraged to monetize APIs via smart contracts on the Oracle Blockchain Platform.
Thus, for start-ups under the Oracle for Startups program, the integration with Chainlink, and the use of its decentralized oracle technology along the Oracle Blockchain Platform means that Oracle can provide a service for these start-ups to gain additional funds with very little work or effort; smart contracts executed most of the leg-work.
Why back start-ups?
The philosophical question behind a lot of this for Oracle is why are they going out of their way with new technology to try and assist start-ups? But generally, it goes back to the core of a start-up, its innovation.
"The Oracle for Startups program exists to enable new businesses to build and expand their products through Oracle Cloud solutions and other resources, which is helping drive stronger ecosystems and innovations that benefit the start-ups, Oracle and our customers,” Fernando Ribeiro, senior manager with Oracle for Start-ups, told me.
“We like to refer to it as building a virtuous cycle of innovation where we can all win. Many of our start-ups are finding revenue generation opportunities as a benefit of being in the Oracle for Startups program.”
"The program is enabling a new generation of start-ups and developers to collaborate, build, and scale on enterprise-grade solutions like Oracle’s next-generation cloud infrastructure and blockchain-as-a-service.”
For enterprises on the scale of Oracle, the freedom to innovate maybe a little more stifled than at a start-up, however, working closely with, and supporting the innovators means they will still have a finger on the pulse.
Why blockchain technology?
But then, the next question is, why Oracle is going about this support of start-ups through a technology that is still nascent and emerging - Blockchain. And even more so, why are they going deeper into the technology through the Chainlink’s offering.
Ribeiro answered that as well:
“We believe the easier you make it for blockchain applications to securely leverage off-chain data sources, the more value they could generate for customers using blockchain, and this collaboration with Chainlink and the wider start-up ecosystem is going to help to test, learn and hopefully validate that.”
"Our start-up program continuously tests, iterates, and learns to advance technology forward. If easier availability of and secure connections with diverse external data sources make blockchain applications more useful, it will drive more customers to Oracle Blockchain Platform”.
“In addition, some of our enterprise customers need their blockchain applications to access data from other enterprise systems, and Chainlink approach could potentially be an interesting way to achieve this.”
Only the beginning for enterprises
The collaboration and advanced offering from oracle for start-ups through the partnership with Chainlink is indeed an enticing one. Cash Flow is a massive hurdle for innovators and one that can often halt it.
Therefore, to have a system intended to boost revenue, predicated on new and innovative technology, to keep great ideas growing, is a noble undertaking from a company on the scale of Oracle.
Moreso, this type of investment in the blockchain could lead to a lot more for other enterprises thinking of making the big leap to the nascent technology.
"We always want to work with pioneers in their fields, like Chainlink, to stay ahead and push innovation forward,” Ribeiro explains. “This is a big part of our Oracle for Start-ups program mission.”
“I think integrating data sources with blockchain is something that helps to make it more useful, and I would imagine several companies would want to have some capabilities to do this, whether leveraging Chainlink or alternative approaches.”
“As Oracle Blockchain Platform takes off, we want to collaborate on initiatives like this to explore these new opportunities.”
