The API3 Blockchain Services has announced its strategic partnering and collaboration with the AllianceBlock to mitigate the gap between conventional and decentralized finance system. This venture has its initial focus on improving the Enterprise APIs and distributed cum dispersed identity solutions.
API3 is one of the DAO governed projects formed to create dAPIs (i.e., fully decentralized and blockchain-native APIs), and these dAPIs will be set up, managed, insured, and monetized at scale by the API3 DAO. It is a decentralized API (dAPI) network that facilitates data providers to become their own oracle’s blockchain.
API3 gives its users or developers the oracle data feeds – free of mediators, transparent source, truly decentralized in nature, and quantifiably secure in character. With these dAPIs, API3 aims to take the concept of an API to the next level to fulfill the decentralization requirements of Web 3.0 without any intermediaries. API3’s business model offers an extensive array of services over APIs, right from providing asset price data to executing traditional financial transactions.
The AllianceBlock Protocol is also a decentralized and blockchain cynic layer two systems that automate converting any crypto asset into a bankable product. AllianceBlock was formed in 2018 and is based in De Meern, Utrecht. It supports proprietary AI-technology to rate both corporates and investors.
In terms of Enterprise API, this partnership will enable API3, as well as AllianceBlock, will be able to implement an Airnode to an Enterprise API. Further, in terms of Decentralized Identity, this partnership will leverage the API3 working with AllianceBlock to build a proof of concept for decentralized identity solution, which is something very crucial for connecting the gap between traditional finance and blockchain.
