Beyond numerous decentralized financial solutions, Chainlink (LINK) on-chain oracles are easily applied in real-world systems. Arbol Platform has announced an impressive partnership with Chainlink (LINK) for advancing the sphere of weather prediction.
First-ever weather forecast system based on blockchain
According to an introductory blog post by Arbol, a software platform tasked with weather broadcasting solutions, its team inked a long-term partnership with Chainlink (LINK).
Arbol is developing an international weather risk marketplace based on Ethereum (ETH) blockchain. Users will be able to trade derivatives on the blockchain that pay out based on weather conditions. This financial instrument will help farmers to hedge their risks related to extreme weather conditions.
Chainlink (LINK) decentralized oracle network will broadcast and verify the on-chain data to ensure fair and timely execution of derivatives contracts. Oracles will receive and transfer rainfall datasets from the National Oceanic and Atmospheric Administration (NOAA) and other dedicated services.
In-app payments will be made in stablecoins to hedge the participants of Arbol network against cryptocurrencies price fluctuations.
Partnerships may boost LINK amid whale-driven sell-off
Both teams' representatives claimed that this partnership is very meaningful for real-world blockchain adoption. Chainlink (LINK) CEO and founder Sergey Nazarov highlighted the innovative nature of the new product:
Providing validated weather data on-chain is already enabling an entirely new category of universally connected smart contracts; parametric crop insurance. Farmers all over the world can now continue to operate regardless of unpredictable weather patterns.
Typically, partnerships with real-world corporations trigger LINK bullish runs. For instance, adding Chainlink-powered instruments to HodlTree and Bullionix financial vehicles allowed Chainlink (LINK) to enter the Top Ten cryptocurrencies by market capitalization for the first time.
In addition, on Aug. 17, Chainlink (LINK) partnered with well-known Chinese blockchain product Nervos Network (CKB), which is used in China's government-backed Blockchain Service Network (BSN).