Among hundreds of digital assets and projects behind them, bringing many benefits to the whole industry, there are projects, connecting blockchain to the real world, which is one of the most valued features, that draws the picture of our future world. One such project is Chainlink. So letโs devote this article to its description.
Chainlink is an innovative, decentralized network designed to connect smart contracts on the blockchain with external data and events. To put it simply, this allows smart contracts to access real-world information such as weather forecasts, stock market prices, and sports scores from outside of the blockchain. The Chainlink founder Sergei Nazarov and Steve Ellis developed this remarkable platform together.
Chainlink bridges the gap between networks and the outer world, offering smart contracts with accurate and timely input information that is necessary for their successful operation. Without this technology, self-executing programs on blockchains would be unable to function properly since they are isolated from outer sources of data.
With these features in place, it’s no surprise that Chainlink crypto has become an essential part of many businesses’ operations today for income.
Now that we found out the answer to the question, โWhat is Chainlink?โ, letโs see where it is used.
What Does Chainlink Do?
From financial services to insurance and gaming, Chainlink is indispensable in a variety of fields where accurate and protected data processing is essential for the achievement of smart contracts. To name just a few applications:
- DeFi. Chainlink ensures dependable price feeds for DeFi protocols that need timely and precise asset pricing data, enabling them to run with confidence.
- Gaming. Chainlink offers an innovative way to add data from real-world events or sports scores, into games to ascertain rewards and outcomes.
- Insurance. By leveraging the power of Chainlink, insurance companies can seamlessly ensure payouts based on external triggers, such as hurricanes or flight disruptions.
- Supply. Chainlink offers a robust and safe way to authenticate products through their connection to outer sources of information, such as RFID tags or blockchain-based certificates. With Chainlink, buyers can be certain of the quality and legitimacy of goods they purchase from vendors.
- Healthcare. By leveraging Chainlink, healthcare providers can securely share patient information to expedite and improve the quality of diagnoses and treatments.
- Energy. By leveraging Chainlink, energy consumption and production can be monitored accurately in real-time, allowing for more efficient and sustainable power management.
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