Crypto: Corporate Adoption of Blockchain Technology is Moving Quickly
#crypto #chainlink #blockchain #DeFi #NFTs #finance #insurance #supplychain #gaming #gambling
"Chainlink will accelerate the adoption of next-generation blockchain in finance, insurance, supply chain, gaming and gambling" -- Paul Ebeling
A system that cannot be cracked will transform industries. Blockchain revolutionizes the way transactions are made, settled and recorded.
Chainlink is the likely driver behind the growth of decentralized finance’s (DeFi) total value locked (TVL) to $203-B as of 15 February, a gain of 313% year on year, BoA wrote in note Wednesday.
DeFi is an umbrella term used for lending, trading and other financial activities carried out on a blockchain, without needing to use traditional middlemen.
The adoption and growth of DeFi last year was driven by the “ability for hybrid smart contracts, or self-executing and tamper-proof digital agreements, to verifiably and securely access real-world data through oracle nodes like market prices, time of day, weather and GPS location,” the report said.
As of 15 February Chainlink oracles secured more than $60-B deposits into smart contracts, up from $7-B at the end of Y 2020, the bank said.
The oracle network generated more than 2.5-M verifiably random numbers for non-fungible token (NFT) distribution and gaming, up from almost Zero at the end of Y 2020, the report said.
NFTs are digital assets on a blockchain that represent ownership of virtual or physical items, and can be sold or traded. “Oracles also enable the next generation of blockchain use cases, which require real-world data and could disrupt mature industries,” the bank’s analysts said.
Bank of America noted that over 1,100 projects leverage Chainlink’s network, and companies including the Associated Press, AccuWeather, Sportmonks and 800 others have launched oracle nodes to monetize their data.
LINK, the network’s native token, is the 22nd largest crypto by market value at $8.1-B, the report said.
BofA said it expects corporate adoption of blockchain technology to move quickly.
Have a happy, healthy, prosperous weekend, Keep the Faith!
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