Band Protocol Joins OpenAPI Initiative Alongside Bloomberg, IBM, Microsoft to Define Common Data Standard

Band Protocol Joins OpenAPI Initiative Alongside Bloomberg, IBM, Microsoft to Define Common Data Standard

By Band Protocol | Band Protocol Blog | 15 Dec 2020


Band Protocol is proud to join OpenAPI Initiative as the first blockchain firm alongside Google, IBM, Bloomberg, eBay and Microsoft, to connect blockchain applications to common Application Programming Interfaces (API) and streamline the exchange of data between smart contracts and off-chain data sources.

Band Protocol will be playing a key role in ensuring that the APIs which provide critical data external to blockchains are suitable and usable for all blockchain applications through a standardized specification.

The OpenAPI Initiative is a nonprofit foundation hosted at the Linux Foundation whose members include prominent organizations such as Google, IBM, Bloomberg, Microsoft, SAP and Oracle, among others.

The initiative works to define common standard APIs to be used across different industries with Band Protocol becoming the first blockchain company to contribute to the initiative’s collaborative specifications.

“The OpenAPI Initiative standardizes how the industry describes and documents APIs. We are thrilled to welcome Band Protocol as the first blockchain-based member to join the initiative.”
Marsh Gardiner, Marketing Group Chair at the OpenAPI Initiative and Product Manager at Google Cloud.

An API is a software intermediary that makes it possible for two applications to share information easily and efficiently to enhance accessibility and user experience.

By creating a common API standard, Band Protocol will allow blockchain applications to easily leverage off-chain APIs and data to better engage with centralized data sources and the wider technology community, enabling expansive use cases of smart contracts.

“Our mission is to define a common API standard for blockchain applications by collaborating with prestigious partners to bridge the gap between centralized data, APIs and smart contracts on the blockchain.”
Soravis Srinawakoon, CEO and Co-Founder of Band Protocol.

More specifically, Band Protocol will be contributing heavily to the evolving OpenAPI Specification (OAS), enabling blockchain projects to query and connect seamlessly to a vendor-neutral and open-source API through decentralized oracle technology such as the BandChain decentralized oracle network.

This is an important step towards creating decentralized applications and smart contracts that are able to reliably and securely interact with traditional centralized technology and APIs and with each other.

By working closely with world-leading enterprises on a common initiative, Band Protocol is bringing interoperability between smart contracts and traditional enterprise services into reality.

About OpenAPI Initiative

The OpenAPI Initiative (OAI) was created by a consortium of forward-looking industry experts who recognize the immense value of standardizing on how APIs are described. As an open governance structure under the Linux Foundation, the OAI is focused on creating, evolving and promoting a vendor neutral description format. The OpenAPI Specification was originally based on the Swagger Specification, donated by SmartBear Software. For more information, please visit: www.openapis.org

About Band Protocol

Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts. Band Protocol enables smart contract applications such as defi, prediction markets, and games to be built on-chain without relying on the single point of failure of a centralized oracle. Band Protocol is backed by a strong network of stakeholders including Sequoia Capital, one of the top venture capital firms in the world, and the leading cryptocurrency exchange, Binance.

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Band Protocol Blog
Band Protocol Blog

Band Protocol is a cross-chain data oracle platform that aggregates and connects real-world data and APIs to smart contracts.

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