Former Google CEO Eric Schmidt has joined Chainlink Labs as a strategic advisor.
Eric Schmidt has joined oracle solutions supplier Chainlink Labs as a strategic advisor. Schmidt was the chief executive officer of Google until 2011 and then served as executive chair at the internet company and its parent company Alphabet.
Schmidt will lead Chainlink’s scaling strategy in its use of oracle networks to activate smart contracts, according to a Tuesday release. Schmidt’s experience “creating global software platforms for next-generation innovation” was mentioned by Chainlink co-founder Sergey Nazarov as a factor in the company’s choice to hire the former Google executive.
“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,” said Schmidt.
Former Google CEO Eric Schmidt
Schmidt was on the boards of Apple, Princeton University, Carnegie Mellon University, and the Mayo Clinic in addition to his work at Google and Alphabet. He was also chair of the Department of Defense’s Innovation Board and the National Security Commission on Artificial Intelligence. Schmidt, who is estimated to have a net worth of $23.6 billion, will most certainly be one of the wealthiest people to serve as a crypto advisor.
Chainlink launched its Cross-Chain Interoperability Protocol, or CCIP, earlier this year, which can “allow users to move digital assets and execute smart contracts across the many chains utilized throughout the metaverse” by using the platform’s oracles. The company claims to have more than $80 billion in value locked up in smart contracts and blockchain-based apps.