/biz/ - Business & Finance

The most beautiful chart

Ok, here is the most simple way to put it, and explain it to be people who have no idea what blockchain is:
Chainlink is able to take data from multiple sources and verify them as true/false, and feed that data into contracts that execute automatically. In does this in a completely decentralized and automated way (this is what blockchain is), so it cuts out the middleman entirely. It will make contracts more efficient, cheaper, and trustworthy. It's a huge upgrade, like going for horse drawn carriages to cars. Here is just one example of what it can do (note I copied and pasted from another early example of mine- being lazy):
A person wants flood insurance. The contract will pay if rain levels reach 20 inches in 24 hours. The policy on said insurance has traditionally been maintained in a subjective manner with a human agent (read- inaccurate, inefficient, and requiring trust). Now, a token can instead validate all data by checking multiple sources for rain levels automatically- ensuring instant, accurate, efficient, and trustless contract adherence. Costs will fall dramatically as a result.

pottery. you should have listened