gopixa / iStock.com

gopixa / iStock.com

Blockchain has seen a staggering rise in popularity since Bitcoin, the first cryptocurrency, launched in 2010. Blockchain has a number of advantages, including decentralization and security. The demand for a decentralized currency has catapulted Bitcoin and other cryptocurrencies to worldwide popularity.

Read: Bitcoin Cash (BCH): How’s It Differ From Bitcoin and What’s It Worth?

But blockchain has its limitations. These systems are inherently closed off from the rest of the world, which is good for security and integrity but also limits the input data they can accept.

Thus, there is a need for a sort of bridge that can help these systems see what is happening in the outside world. But in order for the system to work, the input cannot come from a single source. Why? Because it would then rely on a centralized source of data, which goes against the very nature of blockchain.

See: India Proposes Ban on Bitcoin — and the US Could Be Next

That is the very problem Chainlink can help solve, as we will find out.

What Is Chainlink?

Chainlink is a decentralized oracle network that is poised to play an important role in the real-world implementation of blockchain technologies. The purpose of this network is to provide input on a
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