API3 Oracular Network and Open Banking Project Will Create a Bridge Between Banks and DeFi – Bits Media

The API3 data supplier and the Open Banking platform concluded a 10-year partnership for connecting banks to blockchain through the API and using banking data in Defi and Web 3.0.

Co -founder API3 Hakeki Vantinen (Heikki Vanttinen) reported, that the API3 and Open Banking entered into an agreement on 10 years old. Such a partnership will unite the “disparate” worlds of centralized and decentralized finance (DeFi). Vantinen explained, that banks will be able to together with developers in the field of Web 3.0 Start studying options for using open banking data in the field of Defi. Based on Open Banking data, Developers will be able to create various blockchain -based solutions, For example, system for checking data and identifying personality.

Director Director of the Open Bank Project Project Simon REGERN (Simon Redfern) considers, that this will lay the foundation for creating new standards, as well as create conditions for the introduction of blockchain into banking operations. Open Banking service is increasingly used by banks around the world, Due to which authorized third -party suppliers gain access to their data through the API. The Open Banking project interacts with governments for the development of industry standards for leading financial institutions and banks, Including Santander and HSBC.

API3 data supplier uses a technology called Airnode. This is open software, Direct information from third -party data providers. Then these data are collected in the blockchain. Therefore, information suppliers, Stock exchanges and agencies, providing data on credit history, can launch applications on the same cloud hosting platforms, where their APIs are placed. This will reduce the number of intermediaries and reduce costs.

Vantinen said, that Airnode is suitable for connecting banks API to Web3 applications, since the service is controlled by the API provider itself, not a third -party intermediary. The code is created and supported by a decentralized autonomous organization (DAO), where interested parties can jointly create and manage decentralized application programming interfaces (dAPI) without a central governing body.

Partnership with Open Banking will make it possible to enter the institutional market, where data oracles are used. However, API3 has a serious competitor - Chainlink, which is currently integrated with more than 400 projects. A few days ago, ChainLink developers reported, that new depressed decentralized oracles create, which can provide solutions to scaling supported networks. Another data supplier of data, Band Protocol, announced integration with Google, And in August last year, Band Protocol oracles were integrated into the Binance Smart Chain blockchain.