Adding one more use-case to its kitty, Chainlink is now fully integrated with the OTONOMI. The decentralized oracle solution data feeds of Chainlink will help offer real-time data solutions to the B2B insurance services offered by OTONOMI. Through this integration, OTONOMI will have access to the premium data aggregated by Chainlink on its platform from a range of suppliers. In turn, this access will help OTONOMI have a competitive edge in terms of providing customer-oriented services and more effective insurance solutions to its clients.
Another advantage of sourcing data from Chainlink is the high safety and security associated with the decentralized technology. The open ledger solution ensures that data and information are sourced in a completely tempered-proof manner. The resulting benefits from this arrangement range from overall cost optimization to more transparent and reliable insurance solutions to customers.
Thanks to the decentralized nature of the smart contracts, there is little possibility of the whole data getting impacted by the wrong input provided by one source. Another advantage with Chainlink’s smart contracts is the ease with which data entry can be added to the platform. This ability can be very crucial for organizations who want to scale their businesses in different verticals. In the case of OTONOMI, this scalability could relate to expanding in both vertical and horizontal directions in addition to making entry into allied categories.
The association between these two companies is not new. Chainlink has already partnered with OTONOMI to supply the data related to their cargo insurance services. And now, this new development is expected to bring benefits to both stakeholders and help the entire domain of decentralized technology expand its reach among a wider section of customers. It is also expected to have its share of merits for smart contracts, which are increasingly becoming the flavor of the month, with a large number of organizations opting for this technology to conduct their day-to-day business.