MDT introduces blockchain oracle to boost ‘DeFi adoption’
An announcement from Measurable Data Token (MDT) has revealed the launch of a blockchain-based oracle service, Measurable Finance (MeFi), designed to connect both the traditional financial data markets and the DeFi sector.
As a sample of its utility, the new project demonstrated the construction of a decentralized application (DApp) that is accessible on both the Ethereum and testnet blockchains.
The application enables DeFi participants accessibility to stock trading data from some of the largest global financial marketplaces, including the New York Stock Exchange, Nasdaq and Hong Kong Stock Exchange.
With the initiation of these services, decentralized data sharing ecosystem, Measurable aims at the advancement of the DeFi industry into the mainstream, hence unifying the gap between the real-life and on-chain worlds.
Oracles are external data sources or third-party sources like global temperature levels or sports scorecards, and more. These exist outside the blockchain sphere but can now be efficiently used in the verification of smart contracts. They are very similar to application programming interfaces that have the ability to conduct interoperable communication with two software entities.
Projects within the domain of blockchain space utilizing this oracle technology include Band Protocol and Chainlink, among others.
Co-founder of Measurable Data Token, Heatherm Huang, said that data is a “superpower in the capital markets,” continuing that if the DeFi goes mainstream, its innovations and DApps would have to connect with the external context. Here, MeFi would serve as the ‘Bloomberg on the blockchain’ as secure connections between blockchain smart contracts and capital markets would let developers access external financial data reliably on-chain.
In addition to the above integration, the project has also expressed expansion plans beyond the scope of financial data and the inclusion of derivatives as well as exchange-traded funds through the adoption of its native token MDT.
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