Oracle enables developers in the decentralized financial sector to securely integrate off-chain trading data
The decentralized data exchange network Measurable Data Token (MDT) has presented a financial data oracle that aims to build a bridge between traditional finance and decentralized finance (DeFi).
The blockchain-based service is called Measurable Finance (MEFI) and provides the secure connection developers need when accessing external data for use on the chain, the platform said in a press release.
With MeFi, the blockchain community can safely navigate between smart contracts and traditional financial markets, with functionality enabled for Ethereum and via testnets.
The MeFi interface will allow developers to obtain reliable real-time trading data from all markets, including global exchanges such as the New York Stock Exchange (NYSE), the Hong Kong Stock Exchange (HKEX) and Nasdaq.
Why are oracles important?
Oracles provides a decentralized network through which blockchain users can access real-world data and connect it to smart contracts on the blockchain. The growth in the crypto sector means that more and more data is getting on the chain.
To ensure security and authenticity, oracles like MeFi and those accessed through Chainlink (LINK) and other networks prove to be very important for developers.
For MDT, the main goal is to bring decentralized services for data exchange to the market. Once the ecosystem is set up, the team hopes that its use in DeFi projects will help achieve widespread adoption.
MDT also wants to explore the possibility of giving developers of decentralized applications (dApps) access to key data such as financial reports, derivatives and exchange-traded funds (ETFs).
“Data is like the superpower in the capital markets. If DeFi is to become mainstream, DeFi innovations and dapps must be connected to the external context”, MDT co-founder Heatherm Huang said in a Explanation.
According to him, the MeFi service of the platform is like “Bloomberg on the Blockchain”, with its world-class security protocols that make it easy for users to switch between smart contracts on-chain and capital markets off-chain.