/biz/ - Business & Finance

Chainlink expands on that by aggregating the data from outside the blockchain and creating the closest thing to the truth that we can have at this time. The technology is still very very young, and there is a lot of uncertainties, although for someone well informed those uncertainties seems silly.
This enables smart contracts to execute upon real world data (currently mostly market price changes of assets such as crypto (which enabled the recent defi boom) and gold prices, but the data can be whatever is needed. Ie flight status for airline insurance, weather data, transport data etc.
The data has to be secure up to the standard of blockchain security, otherwise using central source of information to determine the truth defeats the purpose of blockchain, and the central entity might as well hold the contracts.

LINK 10K END OF THE DECADE

Chainlink expands on that by agregating the data from outside the blockchain and creating the closest thing to the truth that we can have at this time. The technology is still very very young, and there is a lot of uncertainties, although for someone well informed those uncertainties seems silly.
This enables smart contracts to execute upon real world data (currently mostly market price changes of assets such as crypto (which enabled the recent defi boom) and gold prices, but the data can be whatever is needed. Ie flight status for airline insurance, weather data, transport data etc.
The data has to be secure up to the standard of blockhain security, otherwise using central source of information to determine the truth defeats the purpose of blockhain, and the central entity might as well hold the contracts.

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