What is Chainlink and How Will it Help the Blockchain?



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In this video, we'll discuss the Chainlink project and how it will help blockchain technology stay viable in the future. Chainlink is a decentralized oracle which can be used to transfer data from an external API to the blockchain. This will help increase the versatility of blockchain apps. With Chainlink, you can provide live data for something like a bet, or a prediction market.

Chainlink is a blockchain oracle solution to connect smart contracts on various networks to off-chain data feeds, APIs and traditional bank payments. Chainlink provides tools to keep smart contracts secure while they interact with information outside of the blockchain. The decentralized nature of Chainlink means that data sources can't be manipulated by a centralized entity.

Chainlink was launched in June of 2017 and is the brainchild of Smartcontract.com, a company co-founded by Serge Nazaro and Steve Ellis. Although their innovation arrived when the crypto industry was booming with new projects, they managed to carve out a niche for themselves because Chainlink helps connect decentralized applications to APIs or off-chain systems.

The solution is expected to be beneficial for many industries such as insurance, finance and healthcare. Chainlink has delivered on its promises so far and has plans to grow in the future.

Disclaimer - This is not financial advice and should not be taken as financial advice. This is an entertainment show. The views and opinions expressed on this show are purely speculative and do not guarantee any specific results. Before investing you should speak to a financial adviser. We are not financial advisers.

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Category
Cryptocurrencies
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