Through their development partnership, Open Bank Project and API3 will enable banks to send data directly to blockchain networks using API3’s Airnode first-party oracle. This provides third-party decentralised application developers with the opportunity to begin prototyping blockchain solutions powered by Open Banking data. Potential use cases for Open Banking data on blockchains include solutions like secure and decentralised databases for data verification between banks and authorised third parties, the bridging of Open Banking data to blockchain-native systems like DeFi and self-sovereign identities, data marketplaces, and data unions enabling banking customers to monetise their private financial data.
The Open Bank Project and API3 will co-host a series of tech sprints, where blockchain community, financial institutions, and government regulators are invited to participate, discuss, and explore what a new financial reality could look like at large.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.