Decentralized and real-time finance will be rendered useless without the distributed application of peer-to-peer software to create financial commodities that are tamper-proof, verified real-time, and worthy of gaining customer trust. The peer-to-peer tech is the basis of the smart contracts and the oracles used for retrieving real-time market analysis reports. On the 25th of September, the Cardano Summit was hosted by the organization, where they made the formal announcement of the strategic partnership with Chainlink Labs- the leader in the oracle solution providing industry, to generate the chain of Cardano applications based on Decentralised Finance, thus boosting ADA price prediction.
Chainlink possesses a decentralized oracle network, ensuring that information sets are all available in the real world in a secure manner, insulated from data breaching, thus ensuring the top-notch quality of data provided to the blockchain network. Hence, Chainlink oracle is particularly useful for analyzing databases like voting polls, sports statistics and sorting and categorizing weather forecast information. The recent surge of Financial Technology start-ups attempting to set up index-based insurance in the sub-Saharan region of the continent of Africa can be attributed to their collaborations with Chainlink Labs. Such parametric levels of insurance can be made possible only by the smart contracts gaining access to real-time, tamper-proof, and tested data, which only Chainlink Labs oracles can provide.
Any blockchain network can utilize Chainlink for boosting hybridized smart contracts because of the high quality of oracle services. Smart contracts need Chainlink’s oracle networks to design applications that are full of interesting features. This is done so that they can connect to the Application Programming Interface, thus leveraging secure computations outside the blockchain. IOHK founder Charles Hoskinson also confirms this function, saying that Cardano needs real-time data which can be accessed only via oracles, primarily because they enable DeFi apps and other high-level smart contracts.