The Oracle will enable developers in the decentralized financial sector to securely integrate off-chain trading data
The decentralized data exchange network Measurable Data Token (MDT) has introduced a financial data oracle that bridges 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 in the chain, according to a press release from the platform.
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 enable developers to obtain reliable, real-time trading data from all markets, including global exchanges such as the New York Stock Exchange (NYSE), Hong Kong Stock Exchange (HKEX) and the Nasdaq.
Why are oracles important?
Oracles provide a decentralized network through which blockchain users can access real data and connect it to smart contracts in the blockchain. The growth within the crypto sector means that more and more data is flowing into the chain.
To ensure security and authenticity, oracles such as MeFi and those that are accessed via Chainlink (LINK) prove to be very important for developers.
For MDT, the main goal is to bring decentralized data exchange services to the market. Once the ecosystem is in place, the team hopes that its use in DeFi projects will help achieve widespread adoption.
MDT would also like to explore the possibility of giving decentralized application (dApps) developers access to critical data such as financial results 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 need to connect with the external context“Said MDT co-founder Heatherm Huang in a opinion.
According to him, the platform’s MeFi service is like “Bloomberg on blockchain“, with its world-class security protocols that make it easy for users to switch between smart contracts in the chain and capital markets out of the chain.