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Types of Smart Contracts Smart Legal Contracts. These contracts are legally enforceable and require the parties to satisfy their contractual obligations.Decentralized Autonomous Organizations (DAO)Application Logic Contracts (ALC)Digital Identity.High Securities.Loans and Mortgages.Government.Supply Chain Management.

What Is Chainlink? Chainlink (LINK) is a cryptocurrency and technology platform that enables non-blockchain enterprises to securely connect with blockchain platforms. Chainlink is middleware that connects blockchain-based smart contracts with external data, such as baseball scores or stock prices.

However, hybrid blockchain uses the private blockchain feature and makes sure that the data stays safe in its actual form. Data is being safely stored in the nodes and the transactions are being unaltered. Decentralized Access: The hybrid blockchain provides decentralized access to its participants.

For example, vending machines are a ubiquitous presence in everyday life. It's also a simple model of a smart contract: If someone inserts $2 and then presses B4, then the machine dispenses the package of cookies held in the B4 slot.

Chainlink uses hybrid smart contracts to integrate on-chain code and off-chain data infrastructure. Chainlink tokenscalled LINKserve as currency to pay Chainlink network operators for retrieving and preparing off-chain data and performing computations.

Summary. Chainlink is a decentralized oracle network that provides real-world data to smart contracts on the blockchain. Smart contracts are pre-specified agreements on the blockchain that evaluate information and automatically execute when certain conditions are met.

A hybrid smart contract is an application made of two key components: 1) Smart contract A code that runs exclusively on the Blockchain. 2) Decentralized oracle network A distributed network of oracle nodes that provide information from off-blockchain data sources to on-blockchain smart contracts.