The global weather service provider and digital media leader, AccuWeather made an announcement on August 4, 2021, that it is working with Chainlink to bring its world-class weather data to the blockchain network. Through its Chainlink node, AccuWeather plans to supply and sell weather data directly to smart contract applications running on numerous blockchains.
Chainlink is an Ethereum-based network of decentralized blockchain oracles that allows off-chain data to be placed into smart contracts. Its industry-leading secure blockchain middleware makes AccuWeather APIs easily compatible and accessible with any blockchain.
Companies that are using weather data in their smart contract to automate business logic require high-quality on-chain data for contract settlement. One good example here is agri insurance startup Arbol that provides crop insurance for small to medium-sized farmers or enterprises. Arbol’s smart contracts pay claims to subscribers when a preset value – such as the average monthly temperature or rainfall – turns out different than the contract specifies.
Arbol’s smart contract also uses Chainlink for accessing weather data to settle claims that self-executes and there is no hold up on payments. That has enabled Arbol’s users to create derivatives on the blockchain that payout based on weather outcomes. This allows weather-exposed entities like farmers to hedge their weather risk.
Etherisc is another startup that has teamed up with Chainlink to provides parametric crop insurance in Kenya.
Chainlink already pipes data from the National Oceanic and Atmospheric Administration (NOAA) and other sources for weather information. Integrating AccuWeather’s high-quality and premium weather data will enhance its ability to provide accurate data for more such use cases.
As one of the initial weather-related data products to join Chainlink, we are thrilled to expand our reach in bringing value to the emerging blockchain-based market.Kurt Fulepp, AccuWeather Global Chief Product Officer
AccuWeather is eying on the vast opportunity that sits in front of us in form of “Climate Change”. Now it is more important than ever to support the development of products and markets that give users the financial tools to hedge against unforeseen weather risks. Some initial smart contract use cases that AccuWeather data can enable include: parametric crop and natural disaster insurance for regions where it’s currently inaccessible, weather prediction markets for hedging against future droughts or sea level rises, supply chain automation that dynamically shifts due to forecast alerts, and even novel digital artwork using NFTs that change based on the current weather conditions.
Below are some of the key reasons why AccuWeather selected Chainlink for oracle –
- Data Integrity — AccuWeather Chainlink node will cryptographically sign all data we supply on-chain, verifying the origin of data and preventing man-in-the-middle attacks.
- Blockchain Agnostic — AccuWeather Chainlink node is compatible with any blockchain environment, serving as a single gateway to sell data to any current or future blockchain.
- Widely Adopted — Chainlink is the most widely used oracle network, providing AccuWeather access to a vast addressable market of potential data consumers.
- Provably Secure — Chainlink is thoroughly audited open-source software that already secures tens of billions of dollars in value, showcasing its ability to trigger the automation of high-value smart contacts live in production.