Eric Schmidt, the chief executive officer of Google until 2011 who later served as executive chair at the tech company and its parent firm Alphabet, has joined oracle solutions provider Chainlink Labs as a strategic advisor.
According to a Tuesday announcement, Chainlink said Schmidt would guide the firm’s scaling strategy in its use of oracle networks to trigger smart contracts. Chainlink co-founder Sergey Nazarov cited Schmidt’s experience “building global software platforms for next-generation innovation” in the firm’s decision to bring the former Google exec on board.
“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.
In addition to his time at Google and Alphabet, Schmidt was chair of the Department of Defense’s Innovation board and chair of the National Security Commission on Artificial Intelligence, and served on the boards of Apple, Princeton University, Carnegie Mellon University, and the Mayo Clinic. With an estimated net worth of roughly $23.6 billion, Schmidt will likely be one of the wealthiest individuals acting as an advisor to a crypto firm.
Earlier this year, Chainlink announced its Cross-Chain Interoperability Protocol, or CCIP, capable of using the platform’s oracles “to enable users to move digital assets and execute smart contracts across the various chains used throughout the metaverse.” According to the firm, it currently has more than $80 billion worth of value locked in smart contracts and applications built on blockchains.