Eric Schmidt, CEO of Google until 2011 and later CEO of the technology company and parent company Alphabet, joined Oracle Chainlink Labs as a strategic advisor.

Chainlink said in an announcement Tuesday that Schmidt will lead the company’s expansion strategy by leveraging Oracle Networks to launch smart contracts. Chainlink co-founder Sergey Nazarov cited Schmidt’s experience in “building global software platforms for next-generation innovation” in the company’s decision to hire a former Google leader.

“The launch of blockchain and smart contracts has shown great potential for creating new business models, but it’s starting to become clear that one of the biggest benefits of blockchain – the lack of communication with the outside world – is also its biggest problem,” said Schmidt.

In addition to his work at Google and Alphabet, Schmidt has served as chairman of the U.S. Department of Defense’s Innovation Council, chair of the National Security Committee on Artificial Intelligence, and has served on the boards of Apple, Princeton University, Carnegie Mellon University. and the Mayo Clinic. With an estimated net worth of around $ 23.6 billion, Schmidt will probably be one of the richest people working as a consultant for a crypto company.

Related: Chainlinks total value exceeds $ 75 billion as DeFi continues to grow.

Earlier this year, Chainlink announced its interconnection protocol, or CCIP, which is capable of leveraging the Oracles platform “to enable users to transfer digital assets and execute smart contracts across different chains across the metaverse.” According to the company, smart contracts and applications built on the blockchain are currently worth more than $ 80 billion.

Source: CoinTelegraph