Chainlink Collaborates With IEEE BDL to Develop International Oracle Standards
We are excited to announce that Chainlink is collaborating with the IEEE Computer Society Blockchain and Distributed Ledger Standards Committee (IEEE BDL) to develop global standards around the adoption of decentralized oracle networks. A Chainlink Community Grant has been awarded to sponsor a new study group that will bring together a diverse network of international engineers and decision-makers from governments, companies, and academic institutions to create a common framework that establishes best practices for building dApps with oracle networks and hybrid smart contracts.
The oracle study group will focus on:
- Leveraging the IEEE’s proven, time-tested framework to facilitate the end-to-end creation, production, and distribution of open, balanced, and market-driven technology standards.
- Accelerating the development of hybrid smart contract applications by creating trusted global standards on how to securely, reliably, and efficiently use oracles to connect blockchains to traditional data providers and modern digital infrastructure.
- Creating a more economically fair, transparent, and globally connected world through the proper application of blockchain and oracle technology, particularly to identify systemic risk in developed markets and generate major technological leaps in emerging markets.
IEEE is the trusted voice for engineering, computing, and technology information around the globe. With an active portfolio of nearly 1,300 standards and projects under development, IEEE is a leading developer of industry standards in a broad range of technologies that drive the functionality, capabilities, and interoperability of products and services transforming how people live, work, and communicate. IEEE and its members inspire a global community to innovate for a better tomorrow through highly-cited publications, conferences, technology standards, and professional and educational activities.
IEEE BDL manages the development of standards within the area of blockchains and distributed ledgers, including standards for relevant data formats, the development and implementation of blockchains and distributed ledger systems, and for blockchain and DLT-based applications for specific sectors and industry workflows.
As a leading provider of blockchain oracle technology, Chainlink Labs will serve as the study group chair, providing domain expertise to educate the global community on oracle solutions and help establish technical standards that benefit all users. Oracles are the bridge between today’s current digital infrastructure and the emerging digital infrastructure of the future being built on blockchains. Thus, it’s especially important to create a shared framework around the oracle layer for these two environments to securely interact.
By bridging current and emerging computing infrastructure, hybrid smart contracts become possible which gain the security and immutability benefits of blockchains while having universal access to the vast amount of data and computational resources available off-chain. Hybrid smart contracts unlock the full potential of blockchain technology, setting the stage for more advanced decentralized applications that generate more utility for individual users and achieve greater social impact globally.
“We’re very happy to cooperate with Chainlink and jointly promote the standardization process around smart contracts and specifically decentralized oracle networks. Particularly commendable is the Chainlink Community Grant Program, which supports community teams in conducting research on oracle-related standards and provides a new reference for the industry,” stated Yukun Hao, Chief Secretary of IEEE BDL. “IEEE has long served as a globally open problem-solving platform for transforming standards to meet the needs of the industry. With support from industry-leader Chainlink, we can greatly broaden the adoption and impact of blockchain technology by using oracle solutions to connect blockchains with key data and computational resources from modern non-blockchain systems. IEEE and Chainlink will collaborate to support the standard study group and work together to promote the process of international oracle standards.”
Through the Chainlink Community Grants program, we look forward to continuing to empower more and more Chainlink ecosystem teams, researchers, and social impact projects who are both researching and building key tools and infrastructure that accelerate the development of universally connected smart contracts, secure oracle networks, and impactful technology that improves the world. We will continue supporting the community as a key driver of Chainlink’s rapid growth, because only together can we make universally connected, hybrid smart contracts into the dominant form of digital agreement.
About the Chainlink Grant Program
If you want to learn more about the Grant Program, check out our recent blog post that further expands upon its goals and the criteria for submission. If you would like to participate in the Chainlink Grant Program, please apply here. Chainlink Community Grants are provided in cash and/or LINK.