Chainlink opens $487 trillion to blockchain industry with innovative tech – Can it drive LINK price to $10? Report
• The Chainlink Oracle network remains significant in bridging the gap between centralized and decentralized systems in the finance industry.
• As the crypto market looks forward to the start of “Altcoin Season,” Chainlink (LINK) outperforms its long-standing competitors. 7-days consecutive gains have surged past 11 percent.
Chainlink is positioned to solve a major problem in the blockchain industry, one that could rake in trillions of dollars for the entire crypto and blockchain industry. As Forbes highlighted in one of its most recent publications, Chainlink is the bridge between blockchain technologies and the real world.
Chainlink is a decentralized oracle network that was built on Ethereum. Chainlink has gained traction in terms of adoption, since its inception. It is unsurprising that Chainlink is up there with a handful of other leading networks, when its use cases are considered. The network was designed to facilitate the transfer of tamper-proof data from off-chain sources to on-chain smart contracts.
Oracles remain essential for the conveying of information in the real world to smart contracts on a blockchain. However, a centralized Oracle network could create a major vulnerability point for blockchains.
This is where Chainlink comes in. Using multiple data providers, Chainlink provides information to blockchains without “creating a centralized access point” as Forbes noted.