The blockchain industry is becoming more and more popular in the corporate field, with new protocols being implemented to improve the security of their business. Last week, stc Bahrain officially launched a Chainlink node, which will serve to provide access to a secure, decentralized network. This will help data tracking and calculation.
What is stc Bahrain?
Stc Bahrain is a telecoms corporation located in the MENA region. By launching its Chainlink node, it will be able to take a step towards smart-contract deployment not only in the Emirates, but also in the rest of the world.
On-chain data, i.e., data that can be found within the Chainlink blockchain, will also be delivered in a decentralized way. This will help create a growing ecosystem, which will also push other businesses to choose blockchain as a solution to information security and scalability.
The main objective of stc Bahrain is to promote and improve the digital economy by leveraging the highest quality data through Chainlink’s services. In the words of Saad Odeh, Chief Wholesale Officer of stc Bahrain, the project “will help ensure the highest reliability for Chainlink node deployment”.
All of this will be done to demonstrate how the company is working to advance the digital economy not only in the UAE, but all around the world.
What is è Chainlink?
Chainlink is a decentralized network made up of oracles. The goal of the project is to bring blockchain into the real world, creating secure and scalable infrastructure.
The purpose of Chainlink is to provide input on a wide variety of external data sources. In fact, the blockchain often does not allow you to keep track of what happens outside the network, i.e., off-chain.
By leveraging its oracle nature, however, Chainlink is able to provide input to smart-contracts, creating links between the virtual network and the real world.
Sergey Nazarov, co-founder of Chainlink said that the project with stc Bahrain will lead to the acceleration of data demand. These will be used to improve the operation and actual applications of smart-contracts, with the opportunity for companies to create secure and decentralized infrastructure.
Stc Bahrain, in fact, is supporting the digital economy by providing both big data inputs and positioning itself to provide critical off-chain information to smart-contracts.
Being able to provide enterprise solutions to create secure, decentralized networks is undoubtedly a huge step forward for the real-world application of blockchain.
The MENA region and the Middle East are definitely two of the most likely places to adopt these technologies.
Dubai, for example, will host the World Blockchain Summit 2022, an event that will see the participation of very important figures in the industry – in the past, Changpeng Zhao (CZ), CEO of Binance, Alex Mashinsky, CEO of Celsius Network, and Charles Hoskinson, CEO of Cardano have participated.
For more information on Chainlink’s functionality, check out the official docs.