Chainlink is a decentralized oracle network that allows smart contracts to access off-chain data. The company has announced its partnership with Google Cloud, allowing developers to integrate weather data from the cloud using Chainlink.
The what is chainlink crypto is a project that integrates weather data from the Google Cloud. This will allow people to see and predict what the weather might be like in their area or any other location on Earth.
Unpredictable bad weather contributes to economic losses in a variety of industries, and as the climate changes, these occurrences are growing more often. Reduced agricultural yields during droughts, disrupted transportation routes during snowstorms, canceled sports events during heavy rain, and existential threats and infrastructure collapse as a consequence of high-volume bad weather are just a few examples.
Another approach to minimize weather-related losses is to make weather data immediately available in financial markets. It offers a method to improve forecasts since weather forecasting capitals would benefit from marketers with more accurate weather models.
However, as the number of potential effects grows, so do the number of potential dangers. As businesses begin to incorporate intelligent contracts — trust-minimized digital agreements for blockchain networks — into their operations, the data that powers these contracts is critical and must be delivered securely and reliably.
Provides Business Benefits
A solution was developed to transmit weather data from Google BigQuery to Ethereum, a smart contract platform that hosts the world’s largest DeFi markets, through Chainlink (a blockchain oracle solution that protects $30 billion or more in smart contract ecosystems).
Additionally, blockchain-based intelligent contract solutions help businesses by reducing counterparty risk. As a result, the settlement process is accelerated, and financial contract friction is reduced. Intelligent contracts may enable prediction markets where participants may agree on using meteorological data (e.g., rainfall) as input.
Companies may use such agreements to protect themselves against extreme temperature, wind speed, precipitation, and other weather changes. Hedging has an impact on the profitability and, in certain cases, the viability of particular industries.
However, clever “on-chain” contracts are unable to access external “off-chain” weather inputs natively. Because of this blockchain security feature, a blockchain oracle bridging component is required to build hybrid blockchain/cloud applications.
Chainlink is a significant provider of data feeds for smart contracts built on the blockchain. The integration of decentralized Google Cloud weather data is now complete.
Chainlink pulls data from the Big Query Google Cloud, which includes meteorological data from the US National Oceanic and Atmospheric Administration (NOAA) and other sources.
The Google connection to Chainlink is based on an oracle node that transmits data from all around the world to the Chainlink network. A blockchain application that has been combined into an aggregated form.