Band Protocol, a provider of cross-chain data oracle services, announced Tuesday that its BandChain oracle blockchain is underway Update According to a press release sent to Cointelegraph, the upgrade – first proposed in June 2021 – will be the first data network to enable data providers to provide data for the decentralized economy in this way.

The project hopes to give traditional businesses access to more data sources and richer data types by making it easier to access decentralized applications or dApps. The upgrade is also designed to allow institutional data providers to work with Band Protocol to expand their data coverage and make them available to on-chain developers.

Soravis Srinawakoon, CEO and Co-Founder of Band Protocol, explains:

“After giving priority to the adoption of decentralized applications, we are shifting our focus to bridging the gap between mainstream companies and the blockchain industry. There is tremendous potential for traditional companies to create new business models and revenue streams by integrating their valuable data into the decentralized ecosystem made possible by the Ice Protocol.

According to the publication, BandChain 2 will also give smaller data providers the opportunity to generate new revenue streams while improving the quality of their data by simplifying the recommendation process.

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The project claims that BandChain has processed more than 7.7 million data requests and that Phase 2 will allow it to support eight times more requests per block and 10-15 times faster execution of Oracle scripts. Greater interoperability also comes in phase 2. This is achieved through the implementation of the IBC protocol, which enables any dApp that implements the IBC standard to request data from BandChain without additional authentication.

Since its launch in 2018, Band Protocol has claimed that it has secured over $ 10 billion worth of smart contracts without incident.

In April, Google Cloud integrated technology from Band Protocol to provide “instant and accurate analysis of financial time series data,” said Kevin Lu, director of business development for Band. . Google Cloud transforms financial time series data into real-time analytics through machine learning.