Measurable Data Token (MDT) has announced the introduction of Measurable Finance (MeFi). A blockchain-based oracle service that aims to link traditional financial data markets with the decentralised finance (DeFi) sector.
The team built a decentralised application (dApp) that is available on the Ethereum and Testnet blockchains. As its primary demonstration of usefulness. This allows DeFi participants to obtain stock trading data from the Nasdaq, New York Stock Exchange (NYSE). As well as Hong Kong Stock Exchange, among others (HKEX).
In fact, Measurable, a decentralised data-sharing network, hopes to bring the DeFi sector into the mainstream by bridging the gap between the real-world and the blockchain worlds with the launch of these services.
Furthermore, Oracles are external data sources that exist outside of the blockchain world yet may be used to validate smart contracts. Examples include global temperature levels and sports scores. They’re similar to application programming interfaces (APIs), which allow two software entities to communicate with each other.
Extreme power in the capital markets
Chainlink (LINK) and Band Protocol (BAND), for example, are projects in the blockchain realm that make use of this technology.
Heatherm Huang, a co-founder of Measurable Data Token, described data as a superpower in the capital markets. He went on to say:
“DeFi technologies and Dapps must link to the external context if they are to become widespread. MeFi is the ‘Bloomberg on blockchain,’ allowing developers to access trustworthy external financial data on-chain via safe links between blockchain smart contracts and capital markets.”
Besides this integration, the project has said that it intends to use its native token MDT to broaden the breadth of financial data to include derivatives and exchange-traded funds.