The collabration between Google cloud and Orderly Network has garnered attention due to the growing interest among clients exploring blockchain workloads on the platform. This strategic partnership seeks to revolutionize the world of decentralized finance (DeFi) by creating user-friendly developer tools. These tools aim to remove barriers to entry into the DeFi space, making it more accessible to a wider audience.
Google Cloud’s Growing Role in the Blockchain Landscape
The primary focus of this collaboration is the development of off-chain components for DeFi infrastructure. These components address critical challenges related to self-custody and transparency. By doing so, they aim to enhance the overall DeFi experience. Orderly Network will play a pivotal role as a DeFi infrastructure provider, making its services available through the Google Cloud Marketplace.
Rishi Ramchandani, head of Web3 for the Asia-Pacific region at Google, emphasized the importance of this partnership in response to the surging demand for blockchain solutions. He highlighted the need for a Web3 product suite to facilitate DeFi adoption and ensure scalability in this rapidly evolving landscape. Ramchandani stated, “Working with Orderly Network to build robust infrastructure will help address the gaps in DeFi adoption and growth, and ensure scalability in the continuously evolving space through the development of secure and user-centric enterprise developer tools.”
Blockchain in Fintech: A Transformative Force
It’s worth noting that blockchain technology lies at the heart of the fintech revolution. Major players in the financial industry, such as JPMorgan, have been actively exploring blockchain-based solutions, including DeFi applications. Traditional banking institutions recognized the potential of blockchain technology early on, with reports from 2021 indicating that 55% of the top 100 banks had some exposure to it.
Optimizing DeFi Operations: On-Chain and Off-Chain
Orderly Network’s approach involves distributing DeFi operations into on-chain and off-chain components. This strategy strikes a balance between transaction speed and decentralization. Critical interactions will occur on-chain, ensuring the security and immutability of essential data, while less critical interactions that can be efficiently handled off-chain will be processed separately, reducing congestion on the main blockchain.
Arjun Arora’s Vision: Making DeFi Mainstream
Arjun Arora, Chief Operating Officer of Orderly Network, provided further insight into how this collaboration could impact the DeFi landscape,. Arora emphasized the need for blockchain technology to outperform current solutions to achieve mainstream adoption. Orderly Network’s mission is to build a seamless trading platform that enables decentralized application integration across various blockchains. Their approach combines the best features of decentralized and centralized exchanges.
Arora stated, “Our collaboration with Google ensures our matching engine competes with centralized systems seen in traditional finance, but the rest of our infrastructure and liquidity network retains all the benefits of self-custody and transparency seen in decentralized finance.”
Tackling DeFi Challenges: Entry Barriers and Security
One of the significant challenges facing DeFi is the entry barrier and security issues that have persisted for a long time. Google Cloud’s partnership with Orderly Network aims to create a secure environment and provide tools to address these challenges comprehensively. By doing so, they aim to foster greater trust and participation in the DeFi ecosystem.
