ChainLink

Chainlink’s open source oracle system provides smart contracts in the Web 3.0 ecosystem with decentralized oracles that will reliably connect those contracts with key off-chain resources like data feeds, APIs and various payment methods. As part of the collaboration, Chainlink plans to create an implementation for the Polkadot project, making a large amount of off-chain data feeds, various APIs, and traditional payment services available to all contracts on the Polkadot network. Chainlink uses a decentralized oracle network (multiple Chainlinks nodes) to validate the data before it triggers the contract. This eliminates single points of failure and maintains the overall value of a highly secure, reliable, and trustworthy smart contract. Data made available by the oracles parachain, that Chainlink plans to implement, can be leveraged by all blockchains in the Polkadot network. This data can be used to trigger smart contract messages and settle transactions across different chains.