*** NOT FUD - PLEASE READ *** Considering the use cases for smart contracts, I feel uncertain whether the ChainLink network will be an obvious choice for large private/public companies.
The way I see it is there are 3 choices:
1) The large private/public companies will provide their own private oracle solution that isn't a market product (Microsoft cryplets?) which will enable companies such as Microsoft to maximise private control over their smart contracts/blockchain networks.
2) The use of centralised oracle services available in the market such as Oraclize. Centralised oracles also appear to allow for more private quality control and access rights over the data that interacts with smart contracts.
3) Take the fully decentralised approach of ChainLink, decreasing the internal control that companies have over their data/smart contract interactions.
From these three I can obviously see the 1st option being cost ineffective for most businesses (unless you're somebody like Microsoft).
The 2nd and 3rd options now come in to play: to choose a centralised oracle service that relies more on internal security to verify data, or a decentralised oracle service that is prone to data manipulation through 51% attacks in data networks (however obviously the POS system acts as a deterrent to this).
I may not be fully understanding of the way that these systems work as I don't come from any coding/programming backgrounds - so please bear with me or correct any of my assumptions.
The hype around Chainlink's decentralisation has serious merit, but I'm unsure whether or not it will be more secure than private solutions in its early adoption stages.
I see this as a crucial step for future mass adoption as should ChainLink's be unreliable in its early stages, the next 5-10 years of smart contract adoption could stick in the mindset that centralalised data/oracle solutions are more secure/reliable and that decentralised services are superflous to smart contract functionality.
I'm a significantly large producer of beef in Queensland, Australia. I own a feedlot. How would I go about incorporating NLIS datametrics onto the blockchain in such a way that investors within the cattle I feed at the feedlot are being reassured they are eating food?
Can you expand on what a feedlot is and the NLIS? What kind of external data are you pulling and why?
Blake Hernandez
why in gods name is a decentralized ledger necessary for these tasks. Seems like it would be cheaper, faster, and easier to just have a centralized database run by a trusted third party. Someone is going to have to verify that people aren't gaming the ledger anyway. Linkies are deluded.
Anthony Torres
I should also note that having a decentralized oracle data feed market like chainlink does not mean centralized services will go away or won’t be used. Many companies can use centralized oracle services and if their customers are ok with that then there is no issue unless disputes about Smartcontract data validity come into play. However, for more public or transparent disclosure requirements, the decentralized data feed market chainlink provides will prevent tampering of the data so the smartcontracts being used truly are trustless and tamper-free. There will be many use cases for both centralized and decentralized data feeds for smartcontracts.
External data in the form of Weight of cattle - which is logged every they pass a scanner. Technological process is being made in measuring data such as health conditions including; heart rate, temperature, distress of the animal. I am awaiting this progress to be made - but I'm setting up for the future...
Colton Thomas
Wow thanks. Instead of helping explain something to you I’ll just go spend all my time doing the research so I can get back to you in a few hours. Just explain your data needs in a fucking paragraph. Don’t just give me links and expect me to go digging to try and figure out what it is you do.
Ayden Peterson
My apologies. I thought you replied to me with those links
Asher Watson
So you would most likely be ok with a centralized oracle to put that data on the blockchain. The data you want is only coming from one source (who’s logging the data), so your trust ultimately comes down to, do you trust them? They could have their own node where they put the data on the blockchain, and then you would buy that data from the chainlink market place for use in smartcontracts (ordering, purchasing, transfers, etc.)
