We are pleased to announce that ProspectNow will be launching our own Chainlink node, making our premium real estate data available to developers and applications across leading blockchains. The Chainlink node serves as secure blockchain middleware, which gets our existing APIs compatible with various blockchain environments.
We will use the Chainlink node to supply and sell our data directly to development teams and communities running applications on leading blockchains (called smart contracts), as well as to cryptographically sign our data to provide integrity guarantees of it originating from the ProspectNow API.
Users will be able to call the ProspectNow Chainlink node to obtain predictive analytics about residential and commercial real estate markets, including aggregate property and square footage prices within different geographies.
Not only will this increase our exposure as a data provider by making our datasets accessible within new markets, but it will allow us to directly partake in the provisioning of new real-estate infrastructure.
Using our premium data, new blockchain-based applications are possible, such as derivatives contracts related to property valuations, real-estate NFTs as loan collateral that are valued according to square footage prices, or prediction markets based on future housing trends.
The Chainlink Node: Our Gateway to Blockchain Markets
ProspectNow offers detailed information for every property on record in the United States, including over 100 million residential properties and 42 million commercial properties across all 50 states. We aggregate and clean real estate market data derived from a trusted network of public, private, and internal datasets. Our services include predictive analytics for residential and commercial properties, ultimately enhancing the abilities of lenders and real estate agents to make data-informed decisions.
Since blockchain offers a new way to tokenize real estate and automate processes around buying/selling, we noticed a need for comprehensive data that informs these new processes about the current and future state of the real estate market.
However, blockchains are purposely disconnected from the external systems, meaning smart contracts have no built-in capabilities of accessing our API data. This lack of external connectivity, often called the oracle problem, requires the use of an additional piece of infrastructure known as a blockchain oracle to bring external API data into blockchain networks.
Upon examination of various oracle solutions, we selected Chainlink as our go-to oracle solution because it is the most highly secure, hyper-reliable, and time-tested oracle infrastructure in the blockchain space, already securing billions of dollars in value for leading Decentralized Finance (DeFi) applications. A growing number of top decentralized applications and leading data providers are already using Chainlink to buy, sell, and transfer data between one another.
As a data provider, some of the important features of the Chainlink Network include:
- Data Integrity — Our Chainlink node will cryptographically sign all data we supply on-chain to verify it’s origin, preventing man-in-the-middle attacks and making our data more reliable in automated processes.
- Blockchain Agnostic — Our Chainlink node can be made compatible with any blockchain, serving a single gateway to sell data to any current or future blockchain.
- Widely Adopted — Chainlink is the most widely used oracle network in the blockchain industry, providing access to a vast addressable market of potential data consumers.
- Provably Secure — Chainlink is thoroughly audited open-source software that already secures billions of dollars in value, showcasing its ability to trigger the automation of high-value smart contacts live in production.
We look forward to joining the Chainlink Network as a node operator and supporting the development of new decentralized, data-driven real estate markets that are more transparent, efficient, and globally accessible for all.
“After researching the best way to provide our existing data to blockchain markets, we quickly recognized the Chainlink Network as being an industry standard for connecting traditional APIs to smart contract applications,” stated Steve Wayne, CEO of ProspectNow. “By launching a Chainlink node, we gain new capabilities around supplying cryptographically signed data directly to smart contract development teams across a variety of leading blockchain environments, both expanding our ability to generate revenue and supporting the creation of novel real estate markets.”
Chainlink is the most widely used and secure way to power universally connected smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link, subscribe to the Chainlink newsletter, and follow @chainlink on Twitter.
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