Crypto: Corporate Adoption of Blockchain Technology is Moving Quickly

#crypto #chainlink #blockchain #DeFi #NFTs #finance #insurance #supplychain #gaming #gambling

$BAC

"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!