Band Protocol has become first blockchain firm to join the OpenAPI Initiative alongside big names such as Google, eBay, IBM and Microsoft.
- Band Protocol announced Monday it will help the project create a common API standard enabling blockchain applications to easily leverage APIs (application programming interfaces) and data.
- An API is a software intermediary allowing applications to access data and, in effect, talk to each other.
- Various industries are now recognizing the need to connect blockchain applications to common APIs, according to Band Protocol.
- The potential benefits of the work are said to include new revenue streams for tech firms who can sell their data and price feeds to smart contracts, better data security (and thus less hacks), and creating decentralized apps that can interact with centralized technologies.
- “Our mission is to define a common API standard for blockchain applications by collaborating with prestigious partners to bridge the gap between centralized data, APIs, and smart contracts on the blockchain,” said Soravis Srinawakoon, CEO of Band Protocol.
- OpenAPI, a non-profit foundation hosted by the Linux Foundation, confirmed to CoinDesk that Band Protocol is the first blockchain project to become a member.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.