Ripple has drawn attention to its new project involving the development of an oracle that will be able to query data directly from existing banking systems.
Ripple's Development: Oracle for Banking Systems
According to information published by SMQKE, Ripple is developing an oracle designed to pull data directly from banking systems, as opposed to traditional blockchain or smart contract environments. Oracles serve as intermediaries that inform off-chain data for later use in the blockchain.
Community Reactions and Clarifications
In response to SMQKE's posts, other users provided context to the claims. One user noted that Ripple has been engaged in similar developments since 2019, when patents describing off-chain data integration were introduced. He highlighted that Ripple's oracle will differ from Chainlink's services, which provide data feeds for blockchains with smart contracts.
Implications of the Oracle Development
The reported work on an oracle underscores Ripple's interest in developing tools that integrate banking data with blockchain systems. The success of such an oracle could greatly enhance connectivity between traditional financial institutions and decentralized systems, allowing for secure and verified data exchange.
Ripple's development of an oracle for banking systems may significantly alter the approach to integrating traditional finance and blockchain technology, highlighting the importance of bridging these two sectors.
