ChainLink is blockchain middleware that allows smart contracts to access key off-chain resources like data feeds, various web APIs, and traditional bank account payments.
ChainLink connects smart contracts to any / all external systems and APIs.
ChainLink Smart contract securities require data feeds on market prices and market reference data, for example, interest rates. They usually also have to pay for existing bank accounts for many of their users, which can only be done through ChainLink, which connects to the existing banking system.
A ChainLink smart insurance contract requires data on IoT to be related to the insurance event in question, for example, whether the magnetic warehouse door was blocked during the violation, whether the company's firewall was on the Internet, whether the user had an insurer arrive on time, etc. Insurance products also usually want to be paid in formats that users already want to receive, for example, USD, into the bank account of end users.
Commercial financing transactions usually require GPS data on shipments, data from ERP-systems of the supply chain and customs data on the goods being shipped; All this data must be added to the ChainLink smart contract. Many trade finance transactions are still settled in the currency exchange rate they can pay for using ChainLink.
ChainLink's LINK network is a decentralized oracle network that allows anyone to provide smart contracts with access to key external data, over-the-counter payments and any other API capabilities. Anyone who has a data feed, a useful off-network service such as local payments or any other API, can now provide them directly for smart contracts in exchange for LINK tokens.
ChainLink supports Ethereum, Bitcoin and Hyperledger. Since the project is a decentralized network, users can be rewarded for decentralization, trust and the immutability of using ChainLink oracle.
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