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Band Protocol joins OpenAPI with major technology firms

By Inkarias - 2020-12-18

As we regularly discuss in our articles and news around crypto-currencies, the global adoption of these remains closely linked to their uses and what they can change in the current economic and financial world while bringing more - major value for certain major service or industrial sectors such as new technologies. The Band Protocol project recently joined the OpenAPI initiative, launched to define common data standards to regulate frameworks and rules around technologies and associated data. As officially shared by the team in the official blog, the integration of Band is of paramount importance since the project constitutes

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. 

In this way, Band Protocol will be an important support and actor to ensure that the APIs providing critical data external to blockchains are usable for all blockchain applications through a standardized specification. Following this major announcement, Marsh Gardiner, Marketing Group Chair at the OpenAPI Initiative shared that:

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. 

Simply put, Band protocol has the main goal to actively contribute and improve OpenAPI specification, namely OAS, to ensure that every projects wishing to interact with an API can query, connect and work seamlessly and safely for their need by using a decentralized oracle network such as the one implemented by Band. The active participation to OpenAPI will surely simplify the ways that applications use to communicate to each other by acting as a technical middleman/intermediary. Using this system, information can be shared efficiently across the systems and networks.