The Associated Press (AP) is tapping decentralized oracle network Chainlink (LINK) to make its data accessible on leading blockchains.
Chainlink serves as a bridge that can bring off-chain information to blockchains and smart contracts.
The news agency says it’s launching a Chainlink node that will enable it to supply and directly sell datasets on US political elections, economic data, sports results, and business financials that can be used by applications running on blockchains.
The AP’s announcement comes amid the increasing popularity of smart contracts, which are designed to be tamperproof programs that automatically execute outcomes when certain conditions are met.
According to the AP, Chainlink can play a role in automating blockchain processes such as alerting markets about calls on political races, initiating on-chain trades when companies release their financial records, and updating the appearance of non-fungible tokens (NFT) based on real-world events.
In 2020, the AP also teamed up with decentralized knowledge platform Everipedia to publish US election calls on the Ethereum blockchain.
AP’s director of blockchain and data licensing Dwayne Desaulniers says,
“Chainlink technology is the ideal way to provide smart contract developers anywhere in the world with direct, on-demand access to AP’s trusted economic, sports, and race call data.
Working with Chainlink allows this information to be compatible with any blockchain. The open-source software is reliable, secure, and widely used across leading blockchain networks.”
Chainlink’s native token is currently the 16th largest crypto asset by market cap. At time of writing, LINK is trading at $29.28, according to CoinGecko.
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Mia Stendal/Andy Chipus