IoTeX + Chainlink [Exploring the Trillion Dollar Device Ecosystem]

SAN FRANCISCO, 29 October

Chainlink and IoTeX met for a panel discussion on various topics last week ahead of an upcoming integration.  IoTex will soon be deploying on Chainlink’s test net and expects to launch on their main net not long after that.

IoTeX is incredibly excited to explore what new services can be created by combining historical data with real time data. There are so many opportunities on the horizon.

Both companies are working on many of the top 100 blockchain projects in the space right now. They shared thoughts and ideas on data, smart contracts and what their deeper relationship will mean. Chainlink and IoTeX have collaborated since 2019. Back then, they began working together on oracle research and development to bring real-world data to blockchain applications.

This collaboration goes far beyond a mere partnership of data-sharing as is traditionally known. IoTeX and Chainlink are harnessing the power of blockchain and IoT technology to bring security, verifiability, privacy, and trust to people worldwide. Together, the two companies will focus on merging historical and real-world data to produce information used in smart contracts. These smart contracts operate on the basis IF a condition is met, THEN do this. The historical data from Chainlink plus IoTeX’s real-time data enables contracts to execute automatically. This is a game-changer.

See Raullen Chai, CEO of IoTeX speaking at ChainLink SmartContract Conference this August.

Chainlink is a  pioneer in providing historical data, price feeds, weather data, random numbers, and other valuable data to customers. IoTeX combines the IoT with blockchain technology to bring trusted data online with the goal to foster an ecosystem where humans and machines interact with guaranteed trust, free will, and privacy. IoTeX intends for people, not centralized institutions, to control their devices, data, and revenue from that data.

How IoTeX and Chainlink will work together

Simply put, Chainlink provides data feeds from third parties to be used in smart contracts. When Chainlink provides data, they charge a fee for that data.

Going in the other direction, when real time data is requested and provided by IoTeX, a fee is paid to IoTeX for that data.

The combination of Chainlink’s historical data and IoTeX’s live real-world data makes for a powerful match for individual users and enterprises alike.

IoTeX’s trusted data might come from real-world devices, such as sensors, cameras, and small to industrial sized smart devices. The data from both companies is used in smart contracts, that is, programmed contracts that execute automatically when specific conditions are met. Those conditions are provided by Chainlink and IoTeX.

Imagine betting on something happening in the globally popular Roadrunner cartoon. If an anvil is about to fall on Wile E. Coyote, Chainlink might have the historical data that lets you know the odds of this event happening. IoTeX might have the real-time data from a security camera that confirms the anvil did, in fact, fall on Mr. Coyote.  That bet could be paid out automatically by a smart contract. (Pro tip: Never bet against the Roadrunner)

How this will be applied in the real world

Farm insurance contract data

Anne and Leon are farmers who buy insurance to protect against loss of crops based on damaging temperatures. To insure their crops at the right rate, an insurer needs to know the historical data for temperatures where that farm is located.  

The contract states that if the temperature  goes outside a predetermined range, then the insurer will pay out.  

IoTeX provides reliable, verified data in realtime from a trusted device on the farm.   With the historical temperature data from Chainlink and the real time data from IoTeX, the insurer and farmer both know when an insurance claim should be paid.

Personal Health Data

Your health insurer or employer may offer incentives for you to practice healthy habits that produce better medical results.  How will they know if you’re improving your health? You might be rewarded if you are healthier than your peers. To determine this accurately, you need to know the medical condition of your peers. That’s where Chainlink’s historical data comes in.

Let’s say you’re a 37-year-old woman. You might have your resting heart rate compared to the average levels for women in the U.S. This is the kind of data that Chainlink can provide. IoTeX would then provide the data on your heart rate in real time to see if you qualify for a benefit for being a lower health risk. That’s a win-win. You are nudged to be healthier and your insurer saves money when you get sick less often.

Automotive insurance

Realtime speed data provided by IoTeX could  be correlated with Chainlink’s data on local speed limits. Your insurance rates can be adjusted to reflect your driving habits. Drivers judged as safer will see lower rates.

Read about our earlier partnership announcement:

IoTeX & Chainlink: Delivering Real World Data to Blockchain