Breaking: Ex-Google CEO Eric Schmidt Joins Crypto Project Chainlink as Strategic Advisor

Man reading newspaper and looking at a tablet

Image source: Getty Images

Blockchain-based company Chainlink announced today that former Google CEO, Eric Schmidt, has signed on as a strategic advisor to guide the team in its future growth and development. A bit of background might be helpful to help explain why this is a big deal.

Blockchains and cryptocurrency networks are isolated systems by design. For smart contracts on blockchains -- or "on-chain" for short -- to securely realize full potential, they need something called an "oracle" such as Chainlink. Oracles source and shuttle in real time the traditional info and data each of us gets from the internet everyday. Those internet data are known as "off-chain" data and information.

Specifically, an oracle is a secure piece of software that links the vast resources of the everyday off-chain internet with locked-down blockchains. Oracles such as Chainlink allow secure communication flow between blockchains and any off-chain system including data providers, payment systems, e-signatures, cloud-based applications, smart devices, other blockchains, and much more.

"Blockchain networks and Chainlink oracles are at a crucial inflection point in terms of growth and adoption. Eric's experience and insights around building global software platforms for next-generation innovation will be invaluable as we help developers and institutions usher in a new age of economic fairness and transparency," said Chainlink co-founder Sergey Nazarov in the company's official statement.

Seeking command performance of Schmidt's success at Google

During Schmidt's 10-year run as CEO, Google dramatically scaled its worldwide network and services; executed a successful $23 billion initial public offering; launched global product offerings such as Gmail, Google Maps, and Chrome, as well as acquired several tech titans along the way including YouTube and Android.

"The launch of blockchains and smart contracts has demonstrated tremendous potential for the building of new business models, but it has become clear that one of blockchain's greatest advantages -- a lack of connection to the world outside itself -- is also its biggest challenge," noted Schmidt in the statement. "Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionizing business and society."

Chainlink currently secures tens of billions of dollars across decentralized finance (DeFi), insurance, gaming, and other major industries. It also offers global enterprises and leading data providers a universal gateway to all blockchains. We'll see if Chainlink can prosperously connect its own on-chain future with Schmidt's off-chain past success at Google.

Earn a $150 bitcoin bonus

Our updated list of the best cryptocurrency apps for 2021 is packed with best-in-class picks. The cryptocurrency apps that landed on our shortlist include perks such as $0 commissions, and one pick that is offering a $150 bitcoin bonus. Check out the list here and get started on your crypto journey, today.

Get the top picks

We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool owns shares of and recommends Alphabet (A shares) and Alphabet (C shares). The Motley Fool has a disclosure policy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Info icon

This data feed is not available at this time.

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.