InsTech Overview:

Chainlink provides open-source blockchain oracle solutions, enhancing smart contracts by connecting them to a wide range of off-chain data sources and computations, such as asset prices, web APIs, IoT devices, payment systems, and more. Chainlink is used for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. One challenge with using blockchains is that they are isolated databases, meaning they cannot interact with information that does not already exist “on-chain.” Chainlink oracle networks connect blockchains to “off-chain” data, enabling blockchain-based parametric insurance contracts to be triggered by real-world inputs such as weather data.

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