4 potential opportunities that Chainlink has in the future
What is Chainlink?
Chainlink is a decentralized solution based on Ethereum for the verification of so-called oracles. Oracles are used by smart contract platforms to map external information from the “real world” that is necessary to execute a contract. Chainlink’s approach promises to improve the selection and availability of reliable oracles.
What problem does Chainlink solve?
Implementing smart contracts on the basis of blockchains is a constant challenge for developers. To execute contract transactions within a well-defined ecosystem is the least of these problems. This is exactly what the blockchain concept was ultimately developed for.
After all, Bitcoin transactions are basically nothing more than greatly reduced Smart Contracts. However, things become more difficult as soon as external factors or data are included in the contracts. For example, the successful delivery of goods by mail or the result of a soccer game that is to be evaluated for a sports bet. Then so-called oracles are needed: Impartial persons or institutions whose reliability the partners agree before signing a contract.
