Stc is a crypto-friendly currency. Bahrain will join Deutsche Telekom and Swisscom in launching a Chainlink node.
The first telecoms operator in the Middle East and North Africa (MENA) area to start collaborating with crypto infrastructure firm Chainlink is a subsidiary of Saudi Telecom Company.
stc is a blockchain-based cryptocurrency that is crypto-friendly. The businesses announced on Monday that Bahrain will establish a Chainlink node, which will provide smart contracts access to real-world data and secure off-chain computations.
Chainlink, the undisputed king of external data for blockchain-based smart contracts, has teamed with a slew of real-world data and infrastructure providers in recent months, including pricing feeds for decentralized finance (DeFi), weather data, and verified election results.
It’s the third telco to collaborate with Chainlink; Deutsche Telekom, a forerunner in the public blockchain field, was the first, and Swisscom is also well-versed in this area.
Bahrain’s central bank has been innovative in developing a regulatory framework, establishing it as a regional center. According to Saad Odeh, stc Bahrain’s chief wholesale officer, the company has included financial services, insurance, and is experimenting with content aggregation and gaming, as well as testing the waters with blockchain.
In an interview, Odeh noted, “We are a small, agile staff and a very small country.” “So, if the main group wants to try anything new, they usually do so here in Bahrain, and then we spread it to the rest of the group and its affiliates.”
stc, according to Odeh. Bahrain’s oracle and data support will first focus on financial markets data, but it may expand to include data on consumer behavior and health-care applications in the future.
“We’re starting with Ethereum,” Odeh said, adding that “we’ll absolutely be seeking to deploy blockchain topologies and applications in Bahrain.” “Whether it’s from a financial or telecoms viewpoint, we’re fortunate to have a really favourable regulatory framework.”
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.