Former Google CEO Eric Schmidt is joining as strategic advisor for Chainlink Labs, the developer behind blockchain oracle solution provider Chainlink. Schmidt will assist Chainlink Labs in achieving its multi-chain interoperability ambitions and joins a roster that includes former Coinbase CTO Balaji Srinivasan and Cornell computer science professor Ari Juels. Schmidt served as Google’s CEO from 2001 to 2011, overseeing the firm’s rise from a Silicon Valley startup into one of the world’s largest internet companies.

Chainlink Labs launched the Chainlink network in June 2017 that provides real-world data to Ethereum and other blockchain networks’ smart contracts through a decentralised oracle network.

Essentially, an oracle is a software component that links the vast resources of the everyday off-chain internet with locked-down blockchains. Oracles such as Chainlink allow secure communication flow between blockchains and any off-chain system including data providers, payment systems, e-signatures, cloud-based applications, smart devices, other blockchains, and much more.

The Chainlink network also has its utility token, LINK, which rewards the node operators of the whole ecosystem. LINK has earned a credible reputation in the cryptocurrency market with constantly increasing trading volume and market cap. At the time of publishing, Chainlink commands a market capitalisation of more than $10.45 billion (roughly Rs. 78,925 crore) and ranks 20th in the list of cryptocurrencies with the highest market cap.

“The launch of blockchains and smart contracts has demonstrated tremendous potential for the building of new business models, but it has become clear that one of blockchain’s greatest advantages — a lack of connection to the world outside itself — is also its biggest challenge,” Schmidt said in a press release.

“Chainlink is a secret ingredient to unlocking the potential of smart contract platforms and revolutionizing business and society. I am excited to be helping the Chainlink Labs team build a world powered by truth,” he added.

The news arrives after Chainlink recently announced the Cross-Chain Interoperability Protocol (CCIP), which provides a universal, open standard for developers to build secure services and applications that can send messages, move tokens, and initiate actions across multiple networks.

The announcement has also pushed the value of Chainlink to $22.56 (roughly Rs. 1,702), up by close to 12 percent over the past 24 hours.