STC Bahrain has launched a Chainlink node through which it will provide smart contracts – and it is claiming a first for major telcos in the MENA region.
STC Bahrain plans to enhance the digital economy by providing data and decentralised services to smart contracts through its Chainlink node, said the telecommunications company based in Bahrain.
The node will not only support Chainlink price feeds—decentralised oracle networks that supply highly accurate financial market data to decentralised finance (DeFi)—but it will decentralise the delivery of data on-chain helping spur the ecosystem growth as more economic activity and value begins to migrate to blockchain networks.
Saad Odeh, Chief Wholesale Officer of STC Bahrain said: “Our extensive experience in providing high-uptime telecom infrastructure for the Middle East region will help ensure the highest reliability for our Chainlink node deployment. This further showcases our commitment to advancing the digital economy by acting as key enablers for technologies of the future such as blockchain, artificial intelligence, and advanced cloud infrastructures.”
“With accelerating demand for validated data to enhance smart contract applications, there is a growing opportunity for leading infrastructure providers like STC Bahrain to provide their services to various smart contracts,” stated Sergey Nazarov, Co-founder of Chainlink. “Through the deployment of its own Chainlink node, STC Bahrain is supporting the smart contract economy by not only delivering critical data inputs but also positioning itself to provide a wide range of off-chain computations that are critical to smart contracts.”