Massive knowledge ecosystem GeoDB, additionally referred to as Geo Knowledge Block, goes to launch its personal Chainlink node to supply knowledge shared inside the GeoDB ecosystem to blockchain networks with an preliminary give attention to Ethereum offering location knowledge to DApps like GPS-based on-chain rewards applications.
In line with an announcement by GeoDB on Tuesday, February 9, GeoDB’s Chainlink node will provide the situation and cell phone-related knowledge onto the Ethereum blockchain, such because the variety of telephones inside a given location.
GeoDB is an fascinating startup to search for. It’s a Europe-based, Ethereum blockchain-powered decentralized peer-to-peer huge data-sharing ecosystem that rewards anybody around the globe for the info they generate. It collects consumer knowledge with out compromising identities, distributes GEO tokens—the native token of GeoDB— as rewards to knowledge suppliers, and validates and manages the ecosystem utilizing a decentralized governance mannequin.
Knowledge suppliers present knowledge via proprietary knowledge apps like GeoCash, Volta, GeoScan, Wawa, and PlugPark. These functions create knowledge like location knowledge by way of distinctive providers. These apps then switch this knowledge to GeoDB which validates that knowledge for use by knowledge shoppers.
To offer its huge knowledge to good contract utility, GEO will now launch its Chainlink node. Whereas the preliminary focus shall be on offering location intelligence to Ethereum DApps, the corporate has plans to develop into retail purchasing receipts, and well being knowledge generated knowledge by way of IoT wearables and operating functions. In line with GeoDB, it will open up a set of latest “blockchain functions primarily based solely round client knowledge, similar to location-based advertising campaigns, IoT-enabled sports activities competitions, parametric medical insurance insurance policies, and extra.”
After trying deeply into the oracle downside and numerous methodologies, GeoDB discovered the Chainlink oracle community because the best-suited answer because it enhances the safety of that knowledge by cryptographically signing it on-chain as a method of proving its origin and being blockchain agnostic, Chainlink nodes enable GeoDB to provide knowledge to different blockchain networks if it chooses to take action sooner or later,
Luis Gelado, Founder and CEO of GeoDB, commented:
“We’re excited to leverage the Chainlink node to develop the utility of the GeoDB ecosystem, empowering knowledge suppliers to make use of and/or monetize their knowledge inside good contract functions. We consider that is solely the start of what’s attainable when combining client knowledge, oracles, and blockchain-based functions, and stay up for leveraging Chainlink to determine GeoDB as a number one on-chain knowledge supplier throughout quite a lot of key knowledge units.”
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