The Missing Link in Smart Contracts

Smart contracts have the potential to revolutionize the efficiency, cost, and reliability of doing business. However, until data from real world events can be securely communicated on-chain, smart contracts will be limited in their scope and impact.

Ethereum can automatically execute smart contracts, but only if all the information needed for execution is made available on-chain. This is a problem for enterprises and financial institutions that operate legacy systems, which were not designed to communicate with blockchains or within a complex transactional ecosystem.

Chainlink’s Vision

Chainlink recognized this problem early and has designed a decentralized oracle network to allow external data sources, payments systems, and APIs to securely automate the entire life-cycle of a smart contract.

One industry that Chainlink’s technology can enhance is the insurance industry. For instance, Chainlink can connect smart contracts to vehicle sensor data to streamline car insurance. Driving habits such as speed, distance driven, and regular maintenance can be used to automatically trigger reductions in monthly deductibles.

There are innumerable such use cases that will be enabled by Chainlink’s middleware solution.

Good Enough for Google

Chainlink’s recent work with Google will allow smart contract platforms to interoperate with Google’s BigQuery. Now Ethereum developers can create hybrid cloud-blockchain DApps where cloud services are made available on-chain to smart contracts.

Industry Leadership

There are a diverse set of projects that have already announced their plans to use Chainlink’s oracle network such as Web3 Foundation/Polkadot, Hedera Hashgraph, Reserve, Harmony, IOST, Zilliqa and many more.