US media company AccuWeather is launching a Chainlink node to place its application programming interfaces (APIs) directly onto blockchain-based smart contracts, the specialist weather information provider announced this week.
AccuWeather APIs include information such as temperature, precipitation, wind speed and natural disaster classifications. A few potential uses for AccuWeather-powered smart contracts include:
- non-fungible tokens (NFTs) that can change depending on weather forecasts
- weather prediction market hedges against natural disasters
- automatic supply chain shifts correlated with the weather
Chainlink, an Ethereum-based network of decentralised blockchain oracles, allows off-chain data to be placed into smart contracts.
“As one of the first weather-related data products to join Chainlink, we are thrilled to expand our reach in bringing value to the emerging blockchain-based market,” commented Kurt Fulepp, AccuWeather’s global chief product officer.
Innovation is in our DNA at AccuWeather and integrating Chainlink demonstrates another way in which we deliver best-in class products to users and consumers in a diverse and growing number of platforms and spaces.
Kurt Fulepp, AccuWeather
How It Will Work
The ability to connect premium weather data to blockchain networks is critical to supporting the many new smart contracts being built on-chain for the forecasting industry. Smart contracts are data-driven applications that automate processes such as product pricing and contract settlement based directly on data feeds.
Smart contract developers need high-quality weather data from sources like AccuWeather to ensure outcomes accurately reflect weather conditions.
AccuWeather data can enable parametric crop and natural disaster insurance for regions where it is otherwise unavailable, hedging against future droughts, floods or associated sea level rises.
In March this year, cryptocurrency asset manager Grayscale added Chainlink to its suite of investment trusts. Shortly after, proof-of-work interactive blockchain Bytom announced it would integrate Chainlink as the oracle solution for its dApps, thus providing high-quality data and decentralised security.
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