We’re excited to announce that GeoDB has launched our own Chainlink node live on mainnet, making consumer data accessible by smart contract developers. The first dataset is made available directly on-chain and cryptographically signed by our Chainlink node will be location data from mobile users. This involves users sharing their geolocation with the GeoDB marketplace for a reward, which the oracle will use to return the number of people (phones) that were within a specified radius of that location during a specified time. The goal is to provide foot traffic information for physical retail stores that can be leveraged to build smart contract applications like location-based marketing, rewards, games, and more.
As the most widely adopted oracle solution in the market, Chainlink’s secure blockchain middleware was critical in formatting and monetizing our existing APIs so they could be consumed by blockchain applications. The process for setting up a node was quick and seamless, requiring minimal technical effort to extend our API data into completely new markets.
Through the Chainlink node, we can make any dataset from the GeoDB marketplace available to developers across any of the leading blockchains. Additionally, we will cryptographically sign that data on-chain to prove its origin as being from GeoDB, further adding to its reliability in automated business processes. For more information on why we opted to use Chainlink to monetize our data for blockchain markets, check our previous announcement. To learn about how to access our node, visit https://docs.chain.link/docs/geodb-oracle-node.
GeoDB is a decentralized Big Data ecosystem that compensates data providers who share data and makes data affordable and trusted for data consumers. Data providers consist of connected applications that generate data via unique services. For example, there are already numerous location-based Apps connected to GeoDB today, such as GeoCash, and more soon to be connected like Wave, which has 12mil downloads worldwide and is in the process of integration.
In the future, we plan to expand the data provided by our Chainlink node beyond user locations to include retail shopping receipts and health data generated via IoT wearables and running apps. This opens up a whole suite of new blockchain applications like IoT-enabled sports competitions, parametric health insurance policies, and more.
“We’re thrilled to expand GeoDB users’ ability to monetize their data by launching our own Chainlink node live on mainnet. This enables GeoDB to provide data that supports the launch of entirely new data-driven smart contract applications, such as location-based advertising campaigns. We look forward to continued expansion in the data provided on-chain from our Chainlink node, further supporting both the smart contract economy and the utility of the GeoDB ecosystem.” — , Luis Gelado, Founder and CEO of GeoDB
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter and follow @chainlink on Twitter.
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GeoDB is a decentralized peer-to-peer big data-sharing ecosystem, which returns value to its creators, the users. GeoDB creates bridges between current isolated participants and aims to solve the existing inefficiencies of the huge big data industry.
Users receive GEO tokens in exchange for their anonymous data, which can later be exchanged to other crypto-currencies or, once we launch our full network, use it to acquire goods and services.
Currently, GeoDB is in the process of releasing all of its network apps; GeoCash currently has over 250k+ users & growing. To learn more, visit geodb.com.