SmartContract has launched Smart Oracles, a platform designed to connect blockchain networks with traditional financial infrastructure and data sources. The American startup's solution bridges Ethereu
SmartContract has launched Smart Oracles, a platform designed to connect blockchain networks with traditional financial infrastructure and data sources. The American startup's solution bridges Ethereum and Bitcoin smart contracts with the systems they need to function in the real world.
Developers spend around 70 percent of their time on blockchain proof-of-concept projects wiring smart contracts to existing data sources, internal systems, and bank payment networks, the startup found. Sergey Nazarov, co-founder and CEO, said: "Easily connecting smart contracts to the data sources, internal services and bank payment methods desired by users is the next step in making them truly useful for real world use cases."
Smart Oracles functions as a secure intermediary between financial systems and blockchain networks. It pulls external data—prices, locations, weather readings, and other inputs—that smart contracts need to execute, then sends the contract's commands back to traditional systems. The platform runs on Ethereum and Bitcoin, with live examples including insurance and derivatives contracts that release bitcoin based on external data assessment.
SmartContract has also released a set of free public oracles offering standard data feeds to any Ethereum smart contract. These include the US Federal Funds Rate Oracle, a Bitcoin to USD Price Oracle, and an Ether to USD Price Oracle.
The company was founded in 2014 and operates from San Francisco, focused on accelerating smart contract adoption as a foundation for what it calls the "trustless commerce revolution." SmartContract positions the technology as essential to bringing security and transparency to global financial markets.
The launch coincides with the formation of the Smart Contracts Alliance, a consortium established by the Chamber of Digital Commerce to advance real-world smart contract adoption. The alliance will focus on promoting understanding and adoption, developing industry standards, and supporting pro-growth regulatory policy. Founding members include Bitfinex, Blake, Cassles & Graydon, Bloq, Cognizant, ConsenSys, Deloitte, The Depository Trust & Clearing Corporation, Eris Industries, Georgetown University's Center for Financial Markets and Policy, Gem, IBM, Microsoft, Norton Rose Fulbright, Perkins Coie, Pillsbury Law, String Labs, Symbiont, Tether, t0.com and Wipfli.
