In the years to come the blockchain is going to revolutionize how we all live and do business through smart contracts.
A smart contract is an agreement embedded in computer code managed by a blockchain. The code contains a set of rules under which the parties of that smart contract agree to interact with each other. Because blockchains are decentralized systems and the smart contracts on the blockchain that exist between all permitted parties, there’s no need to pay the middleman or anybody us to facilitate the smart contract transaction.
Let me give you just one of many use cases for Smart Contracts.
The French airline, AXA, is taking flight insurance to the blockchain. The idea is simple: it can be challenging working with airlines to get compensated for late flights, even if you have travel insurance — and even then, it can be a headache depending on why the flight was delayed.
With Fizzy, if your flight is more than two hours late, and your airline details are loaded into the app, you’ll get automatically notified with compensation options. Once you make your compensation choice, the money is sent directly to your credit card.
This use of smart contracts is based on parametric insurance, in which users are not compensated for total loss, but rather, loss outside the traditional rules of insurance. This insurance is based on a triggering event. With Fizzy, that event is the flight being more than two hours late.
Right now, this product is only available for flights between the U.S. and Paris, with plans to expand in 2018, and you do need to pay a subscription fee.
Chainlink (LINK) is an Ethereum token that powers the Chainlink decentralized oracle network. This network allows smart contracts on Ethereum to securely connect to external data sources, APIs, and payment systems.
Smart Contracts are considered secure and reliable. In order to maintain a contract's overall reliability, the inputs and outputs for the contract must be secure and reliability too. Chainlink’s decentralized oracle network provides the same security guarantees as smart contracts themselves. By allowing multiple Chainlinks to evaluate the same data before it becomes a trigger, we eliminate any one point of failure and maintain the overall value of a smart contract that is highly secure, reliable, and trustworthy.
In recent weeks, there is a lot of chatter that altcoin season is upon us. If Chainlink’s recent price action is any indication, then I would agree. Since the beginning of Oct. the price went from $1.80 to $2.80, an increase of 55%.
What’s funny is I have been playing buying Chainlink in the Steemleo Crypto Fantasy League the last two weeks and didn’t even realized it was Chainlink.
So where is price headed next, lets go to the charts? The chart suggests price has room to move up to the daily supply at $3.70.
This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.