Social encounters

Recently, it was announced that Chainlink would be integrating Constellation’s Big Data solutions as the two companies forge a new path for blockchain. Traditionally, blockchain technology has been the underlying tool of a new financial instrument, in cryptocurrency, but this latest integration seems to be looking further into the future.

This latest integration sees Constellation, who recently signed a deal with the USAF to provide data and blockchain services, validate streaming data for the Chainlink ecosystem by becoming a Chainlink node operator.

Through Constellation’s “Blockchain for Big Data” approach, the company is able to assist in providing data infrastructure tools for developers to enable interoperability between legacy and cloud data systems.

This is an important step in the evolution of blockchain, as well as the next step in the technological revolution that is slowly playing out. The importance of data is becoming more and more prominent, and it is this data that these two companies are looking to utilize.

The Daily Chain spoke with Ben Jorgensen, CEO of Constellation, to discuss why it is important for these types of coming together between companies involved in new technologies.

“The world is still just learning about what blockchain is and how it can be used,” Jorgensen told The Daily Chain. “It is incredibly important for blockchain companies, like Constellation and Chainlink, to partner together to spread the word and educate on the impact of this revolutionary technology and our approach to adoption.

“The part of the blockchain industry that gets the most attention is the use of cryptocurrency as a financial instrument and the use cases that revolve around fin-tech. Constellation and Chainlink are introducing a world where data is the financial instrument, and data sets have the value that can be secured and secured.”

“An appropriate analogy would be how tech and data companies have become the most profitable companies in the world overtaking oil companies less than a decade ago. Just like the evolution of the gold standard, to pegging the dollar against oil, blockchain, and cryptocurrencies that are pure, financial instruments will be pegged to data.”

“This is where the expression “data is the new oil” comes from. But the truth is, very few companies have figured out how to monetize data effectively. This is where collaborations, partnerships, and integrations come in.”

Making use of the pathways

The way in which these two companies operate set up a relatively straightforward pathway for data to be used and understood. With Chainlink, there is this idea of making smart contracts smarter, by connecting the contracts to real-world data, and the next step in that pathway comes from Constellation.

“On the technology front, a technical integration between Constellation and Chainlink will open doors to people that are just now understanding what a smart contract is and how to connect real-world data to a smart contract,” explains Jorgensen.

“Constellation then presents a logical path forward to grow beyond smart contracts and accommodate streaming data while connecting with existing big data management solutions that are currently solving a multi-billion dollar big data industry.”

Real-world application

The pathway for these two companies to facilitate data may be spelled out in what they do, but it is interesting to note the use cases that can emerge from this integration. Jorgensen began by pointing out how Constellation can validate the data coming from Chainlink’s smart contracts.

“One interesting use case we see at Constellation is improving the integrity and veracity of data,” said Jorgensen. “As more and more data comes onto the Chainlink Platform, they will want a solution that validates the data and secures the data pipeline.”

“Fortune 500+ companies will require that standards are met around data as the disobeying and lack of ability to scale to support data systems could mean the loss of important data-driven insights in the organization.”

“Companies that are exploring use cases for blockchain will eventually need blockchain to meet the threshold and performance of centralized data management solutions and systems.”

Upcoming events:

Date and Time:

November 21, 2019

6:30 pm — 9:30 pm

Location

25 W 39th St · NY

Date and Time:

November 26, 2019

08:00 pm — 10:00 pm

Location

MIT, room 5–234

77 Massachusetts Ave · Cambridge, ma

Past events:

Several weeks ago, the Chainlink Virtual Hackathon launched with the goal of sparking a new wave in smart contract development by showcasing the power of secure off-chain connection via Chainlink oracles. The developer turnout and overwhelming support by the blockchain community were impressive.

First Place (15,000 USD equivalent worth of LINK)

LinkPal: Peer-to-Peer Ethereum to fiat decentralized escrow via PayPal. A smart contract uses Chainlink oracles to confirm that the PayPal invoice has been paid. The contract can confirm with multiple oracles, making it more decentralized and therefore more secure.

Second Place (8,000 USD equivalent worth of LINK)

Cerebus Wallet: Two-factor authorization for crypto transactions using phone push notifications. Even if your private key is stolen, an attacker would not be able to sign any operations without phone confirmation.

Third Place (5,000 USD equivalent worth of LINK)

Flyt: Flight insurance. Fill in your flight details. Customize your insurance policy. Pay the insurance premium through crypto.

Most Innovative (10,000 USD equivalent worth of LINK)

Link Total Return Swap: A Defi platform which enables Chainlink Node Operators to hedge against LINK price volatility. The Total Return Swap contract used is customisable allowing counterparties to trade on their own terms.

Judges’ Choice (1,000 USD equivalent worth of LINK)

In no particular order