Unlock Real-World Use Cases with Chainlink Functions
• Chainlink has launched a new platform called “Chainlink Functions” which allows developers to connect their decentralized applications (dApps) or smart contracts to any Web 2.0 API.
• Businesses can use Chainlink Function in their Decentralized Applications to connect to Twilio, Meta, Amazon Web Services (AWS), Google and Decentralized Insurance.
• Examples of how businesses can use Chainlink Function include launching social media campaigns with the integration of Web3 into social media, facilitating music artist and record label streaming income digital agreements ,connecting different blockchain networks and setting up financial derivatives platforms.
Connect Amazon Web Services with Meta and Google Cloud through Chainlink
ChainLink recently launched a platform called ‚Chainlink Functions‘ which is a self-service serverless platform. Using the platform, developers can connect their decentralized applications (dApps) or smart contracts to any Web 2.0 API. This means that businesses can access different blockchain networks, set up financial derivatives platforms or launch social media campaigns using the blockchain technology.
Functionalities of ChainLink Functions
The users of this platform have five ways by which they can use the ChainLink Function in their Decentralized Applications. They include connecting to Twilio, Meta, Amazon Web Services (AWS), Google and Decentralized Insurance. With this new technology businesses are able to do various things such as offering limited number of unique digital collectibles in the form of NFTs, setting up an agreement between an artist and a record label that will allow the artist to receive a certain amount in USD etc..
Real World Use Cases
Businesses looking to make an advert can offer a limited number of unique digital collectibles in the form of NFTs to their customers. Users will then respond with their wallet addresses, along with the specific hashtag for the advert. Businesses will later interact with a smart contract to handle the NFT minting. The eligible list of customer wallet addresses can be found using Chainlink Functions and smart contracts. The smart contract will receive output from Chainlink Functions, mint an NFT for each address and reach out to winners .The other real world use case is facilitating music artist and record label streaming income digital agreements which requires usage of cloud communication platform Twilio alongwith smart contract implementation on chain link functions .
By connecting these biggest web 2 platforms such as AWS ,Meta ,Google etc., developers now have access not only just data but also cross-chain communications capabilities when they create dapps or smart contracts henceforth making them interoperable between different chains .These features makes it possible for developers creating DeFi products across multiple blockchains ,oracle based gaming apps ,social media campaigns integrated directly within your application chain etc..
To conclude ,ChainLink functions provides end users with more power & control over data monetization process due its ability integrate APIs from different web 2 platforms .This opens up immense possibilities for developers who want build dapps &smartcontracts that are compatible on multiple networks .