In its effort to bolster its real-world data feeds, blockchain oracle services provider Chainlink has partnered with U.S. weather forecasting provider AccuWeather.
Importing Weather Data Into Chainlink To Predict Better DeFi Payments
Back in August of 2021, Chainlink announced it was incorporating weather data courtesy of Google Cloud.
AccuWeather’s Matt Vitebsky, the firm’s director of flagship products, said, “One of the important use cases is parametric insurance, and crop insurance is definitely a big one. Being able to cut out that middleman in some countries that are perhaps underserved in terms of insurance. The other place we’re looking is futures markets.”
The type of financial products that can benefit from blockchain smart contracts combined with weather data are offerings such as parametric insurance, where a payout could be triggered by events such as a flood or drought conditions.
AccuWeather has a set fee for access to its weather data APIs, which will be paid in LINK, Chainlink’s native token, and which developers can connect with via the Ethereum blockchain network or the Polygon layer 2 network, Vitebsky explained. A layer 2 is a second network built on top of the layer 1 Ethereum blockchain.
We didn’t want to miss the boat on this opportunity; we want to be at the forefront of innovation in the weather space.
Matt Vitebsky
Also this year, Chainlink partnered with the Associated Press to provide U.S. elections data and sports and macroeconomic information.
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