Open Bank Project (OBP) has formed a partnership with the API3 Foundation to deliver banking and open banking data oracles to the decentralised web.
However, the concept has what is known as the “oracle problem”, i.e. the difficulty in connecting to trusted sources of “off-chain” Web 2.0 data.
The API3 Foundation has developed oracle middleware, which OBP will use to enable blockchain developers to call over 400 of its banking and management APIs.
This, say the partners, will allow the blockchain ecosystem to create crypto-banking solutions, while banks can provide data feeds directly to blockchain networks.
Heikki Vänttinen, API3 , says: “API3 is incredibly excited to see the blockchain industry begin to merge with open banking, and we can’t wait to see the innovative solutions that will grow out of this.
“We hope this newfound connectivity between the two will build a foundation for the future of a digital banking experience inclusive of blockchain-enabled systems like DeFi.”