Chainlink Layer-2 Weather Oracle – Link Crypto Data Feed To Use In Parametric Flood & Drought Insurance For Crops

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Chainlink Layer-2 Weather Oracle - Link Crypto Data Feed To Use In Parametric Flood & Drought Insurance For Crops

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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Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.