Education

Insurance is a multi-trillion dollar global industry with inherent trust problems that prohibit it from reaching its economic potential. Chainlink-enabled smart contracts offer a way to upgrade the foundational infrastructure of insurance to benefit both insurance companies and policyholders.

While smart contracts offer immense business benefits, are they legally binding in a court of law? To answer this question, we explore the construction of current legal agreements and how they may evolve into smart contracts.

Interoperability between blockchains and disparate systems will usher in a new wave of smart contract functionality. New use cases that were previously impossible in the Web 2.0 will change the way consumers and businesses interact.

Chainlink-enabled smart contracts offer a way to transform the derivatives landscape from one run on trust by central entities with overexposure to risk to a decentralized P2P marketplace that spreads risk onto highly-reliable decentralized systems.

Given the complexity of the research paper, we broke down the core Mixicles concepts so that the wider DLT community can grasp the underlying mechanisms at play, as well as the profound applications it opens up for enterprise adoption of Decentralized Finance (DeFi).

An oracle is a blockchain middleware that creates a secure connection between smart contracts and various off-chain resources. In order for smart contracts to gain mass adoption, they need secure and reliable oracles to connect to external off-chain data and systems.

Smart contracts promise a powerful new way of doing business. Similar to how the Internet revolutionized the way people process information and connect with one another, smart contracts can fundamentally change the way societies make and keep agreements among individuals and groups.