Chainlink

ChainLink is a decentralized blockchain oracles service. The digital currency of ChainLink has facilitated the use of contracts that connect to applications, payment systems, transactions. This technology allows users to exchange assets without the involvement of third parties.

Oracles transform information from outside into a form available to blockchain. Digital contracts need to be filled with information from the outside world. Financial contracts should be supplemented with information on market relations. Insurance contracts find the necessary information in IoT relating to insurance claims. In case of investment contracts there is a check of the GPS data. Transactions can be made without the involvement of third parties, if users fulfill the conditions in a certain order.