During a recent fireside chat with Google web3 community lead Marlon Ruiz, Chainlink co-founder Sergey Nazarov traced Chainlink’s evolution from a single oracle to a comprehensive web3 services platform powering multiple industries such as DeFi, decentralized insurance, and web3 gaming.
“The reason Chainlink is a web3 services platform is because it’s not just about data,” he explained. “It’s about basically all the compute and all of the connectivity that you could want in a trust-minimized form. And trust-minimization is really this method of making sure that the system is beyond the control of others and beyond certain failure modes.”
Chainlink Labs Chief Product Officer Kemal El Moujahid offered a more in-depth look at Chainlink’s evolution by detailing recent key product, research, and development updates in Chainlink’s Q1 2023 Chainlink Product Update. He shared more of his vision for the future of Chainlink and web3 during a livestream Q&A with the Chainlink community on Chainlink’s official Discord.
Predicting Chainlink’s Cross-Chain Interoperability Protocol (CCIP) will be a “huge unlock” for moving tokenized real-world assets throughout the multi-blockchain economy, El Moujahid praised Chainlink Labs’ “ultra-cautious” approach to building a cross-chain solution that upholds Chainlink’s high standards for security and reliability.
“There’s this saying that I like a lot which goes, ‘Pioneers get arrows, settlers take the land,’” he said. “Ultimately, we want to take the land.”
He believes Chainlink’s position as the industry standard for key web3 services including data, randomness, and automation makes its cross-chain solution even more in-demand.
“What happens is you power the most important things that developers need and it works better together,” he said. “And now you just want to use Chainlink.”
Amid growing demand for trust-minimization and cryptographic guarantees, more global enterprises seek to future-proof their products on-chain. In an effort to accelerate enterprise blockchain adoption, Chainlink Labs and PwC Germany announced a strategic joint business relationship aimed at helping companies overcome the technical hurdles of connecting with top blockchains.
PwC Germany clients will now benefit from custom solutions that leverage Chainlink’s secure middleware to connect legacy infrastructure with the diverse blockchain ecosystem. PwC Germany’s Technology Interest Group Lead for Digital Assets and Crypto, Dimitri Gross, said the partnership paves the way for “a new era of transactional security, transparency, and efficiency” in key enterprise sectors such as capital markets.
Chainlink continues to unlock new milestones in the decentralized insurance industry. Last week, Etherisc announced its Chainlink-powered parametric crop insurance expanded coverage to an additional 7,000 Kenyan farmers, who used their feature phones to sign up for $1 policies that insured their entire crop during the most recent short rains season.
Etherisc’s co-founder and CEO, Christoph Mussenbrock, said this achievement represents a small fraction of what Etherisc hopes to achieve with Chainlink oracles in developing regions of the world.
“There are more than 7.5 million smallholder farmers in Kenya, many of whom are vulnerable to the devastating effects of climate change,” he said. “Working closely with our many partners, we see significant opportunities for our blockchain based parametric insurance platform in protecting farmers’ livelihoods.”
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