SmartContract, an American startup developing blockchain-based applications, has announced the launch of a new solution that connects existing data and financial infrastructure with leading smart contract networks Ethereum and Bitcoin.

Called Smart Oracles, the new solution aims at creating connectivity between the networks and the traditional data and financial infrastructure.

SmartContract estimates that approximately 70% of development time in blockchain proof-of-concepts goes towards connecting existing data sources, internal IT systems and traditional banks payments with smart contract networks.

According to Sergey Nazarov, co-founder and CEO of SmartContract:

“Easily connecting smart contracts to the data sources, internal services and bank payment methods desired by users is the next step in making them truly useful for real world use cases.”

Sitting between a financial infrastructure and a smart contract network, Smart Oracles acts as a secure point of connection that pulls the external resources and critical data (e.g. price, location, weather, etc.) needed by the smart contract to prove performance, while sending its commands to external systems.

Smart Oracles Smart Contracts

The Smart Oracles platform currently supports the Ethereum and Bitcoin blockchains, with Ethereum smart contracts for insurance and derivatives already successfully releasing bitcoin based on their assessment of external data feeds.

The company has also released a series of Free Public Oracles that provides common data feeds to any Ethereum smart contract. These include US Federal Funds Rate Oracle, Bitcoin to USD Price Oracle, and Ether to USD Price Oracle.

Founded in 2014 and based in San Francisco, SmartContract is a blockchain startup dedicated to accelerating the use of smart contracts, “a key building block for the trustless commerce revolution,” providing the security, trust and transparency needed in the global financial system.

The news comes simultaneously with the establishment of the Smart Contracts Alliance (SCA), a consortium of leaders in technology, legal and financial services, aimed at promoting the real-world application of smart contracts.

Initiated by the Chamber of Digital Commerce, SCA will focus on educating and enhancing the understanding and adoption of smart contracts, providing a forum to develop industry standards, and helping shape a “pro-growth” policy framework.

Founding participants of SCA include Bitfinex, Blake, Cassles & Graydon, Bloq, Cognizant, ConsenSys, Deloitte, The Depository Trust & Clearing Corporation, Eris Industries, Georgetown University’s Center for Financial Markets and Policy, Gem, IBM, Microsoft, Norton Rose Fulbright, Perkins Coie, Pillsbury Law, String Labs, Symbiont, Tether, t0.com and Wipfli.