The financial industry has been clamoring for a way to execute contracts automatically based on predefined criteria for a long while. Capgemini predicts that in three years the use of smart contracts will enter mainstream use. However, before this happens there has to be a platform available that can independently verify that these criteria have actually been met. The ChainLink oracle network aims to provide these answers and make them available to blockchain hosted smart contracts. On top of that, they plan to do it in a decentralized trustless manner. Meaning that the network itself cannot be manipulated or influenced by those that created it and that these verifiable data points will not be able to be tampered with.
A smart contract that uses the ChainLink oracle system can use one data provider to control its execution or many. By using more than one verification point the smart contract creator can be extremely certain of the veracity of the criteria before the contract is executed. Smart Contracts and the underlying oracles like those provided by ChainLink will revolutionize not just the banking industry but many others such as insurance and real estate.
So…What does this mean for you?
By becoming a node operator on the Chainlink Oracle system you can get in on the upcoming smart contract boom by monetizing your data sets and APIs. You will be compensated in LINK tokens each time your data is used. If the data you provide is in demand this could happen thousands of times each day!
Don’t believe me? Take a look at what Capgemini Consulting says about the future of smart contracts.