Today Swisscom’s Digital Asset division announced plans to pilot a node on the Chainlink oracle network. The telecoms firm will provide digital asset pricing feeds on the Chainlink network. In turn, the data can be used by decentralized finance (DeFi) protocols such as lending protocol Aave and derivatives protocol Synthetix. Deutsche Telekom’s T-Systems MMS also hosts a Chainlink node.
Chainlink provides external data feeds to smart contracts that run on public blockchains. Given that price feeds could impact billions of dollars in value, the feeds must be reliable. Hence Chainlink operates a decentralized network of nodes to guard against a single data source being corrupted or hacked.
“It is important for it (Swisscom) to precisely understand the new opportunities offered by the decentralised financial world and make these available to its customers in a targeted manner. Overall, Swisscom’s digital asset team sees no end in sight to the growth of decentralised financial applications,” said Swisscom in the announcement.
In April, Swisscom launched a proof of concept to provide a bank-grade reference rate for digital assets – the Swiss Institutional Digital Asset Reference Rate (SIDAR) – in conjunction with four banks, SEBA, Swissquote, Sygnum, Vontobel.
Swisscom Blockchain provides blockchain infrastructure, including the Swiss Trust Chain, where it partnered with SwissPost to provide hosting for Hyperledger blockchain applications. It also offers nodes-as-a-service to enable connectivity to public blockchains and ‘electronic seals’, which most recently have been used by Adresta for blockchain identities for watches.