Smart contracts adapt to weather with AccuWeather on the blockchain
The leading AccuWeather weather service is now an oracle.
This does not mean that he derives his predictions from the ancient Greek hermits. Instead, it will provide cryptographically verified information that platforms and blockchain projects can use to trigger smart contracts ranging from reimbursement of crop insurance to triggering storm warnings.
Instead, it means AccuWeather has set up a node on the Chainlink blockchain, Oracle’s primary source of information. This allows it to provide cryptographically signed weather information when uploaded to the blockchain, so that anyone who needs weather information for a smart contract can verify its provenance – the data comes from AccuWeather and cannot be accessed. falsified or falsified.
âThe ability to connect our premium weather data to blockchain networks is essential to support the many new smart contracts built on chain for the weather industry,â AccuWeather said in a statement. Press release Tuesday (December 14). âSmart contract developers need high-quality weather data from sources like AccuWeather to ensure that the results are representative of actual weather conditions. “
In this case, the AccuWeather data could be used by parametric crop insurance companies, which offer payments when specific conditions are met – such as paying an orange grower when a crop frost will damage or kill his fruit, rather than waiting to assess reality. damage after harvesting the fruit.
It could also be used by commodity investors guarding against a drought, or to trick a trucking firm’s systems to automatically send instructions routing drivers around a rainstorm.
An AccuWeather oracle could even save lives, triggering local sirens and texting for a tornado early warning system instead of waiting for a human to receive the news and trigger the warnings manually.
Either way the wind is blowing
Oracles like Chainlink are blockchain middleware, providing trusted sources of information that is needed for smart contracts to work. Anyone creating a weather-based smart contract can subscribe to AccuWeather’s oracle feed for a fee.
Smart contracts are at the heart of all centralized and decentralized blockchain activities. These are âself-executingâ contracts, which means that once accepted, they will automatically take defined actions when certain conditions are met, without any human intervention. This is particularly useful in decentralized finance, or DeFi, where contracts must be able to act on chain on the off-chain database.
The idea is to eliminate intermediaries in financial and other transactions. And while an oracle platform like Chainlink is an intermediary, it is a platform that does not require human intervention – it provides a reliable source of information that both sides of a smart contract can agree in advance.
In many cases, this takes the form of a payment using cryptocurrency funds locked into the contract when it is created. So, if Frank bets Jane $ 100 that the Yankees will lose a game to the Boston Red Sox, the two lock $ 100 of Ether into a smart contract. When the Yankees are victorious, the contract is fulfilled, transferring Jane’s Ether to Frank’s wallet and also returning his own crypto.
Like all blockchain transactions, this contract is immutable, which means that once accepted, it cannot be canceled or changed. Still, in the scenario above, Jane must take action to agree that the conditions – Boston losing – have been met. But what if the contract could be executed automatically when an agreed-upon trusted news source – Major League Baseball or ESPN, for example – publishes the final score?
This is the key to smart contracts, and really to any blockchain transaction: the parties don’t have to trust each other, because the immutable blockchain makes it impossible for one party to cheat.
In the parlance of cryptography, this makes blockchain transactions ‘trustless’ because neither party needs to trust the other. (It’s also clear that cryptographers should never be allowed to name anything the general public will use, but that’s not the point.)