LexisNexis is making its Flight Status proprietary data available to smart contracts using Chainlink’s time-tested oracle node infrastructure and the market-leading Flight Status API from Cirium, the aviation analytics arm of the LexisNexis® Risk Solutions Group, part of RELX. LexisNexis Legal & Professional is also part of RELX.
Bringing this validated flight information data regarding worldwide scheduled airline flights on-chain unlocks novel opportunities for the Web3 ecosystem, including a wide variety of potential use cases, such as flight insurance, supply chain management, and risk assessment.
“LexisNexis is using its Chainlink node to bring high-quality flight tracking data to the Web3 ecosystem in a hyper-reliable and cryptographically secure way,” said Jeff Reihl, Global Chief Technology Officer, LexisNexis. “By bringing this key aviation data on-chain through Chainlink, LexisNexis is accelerating smart contract innovation and supporting the growing adoption of blockchain-based specialty insurance solutions.”
Flight information such as estimated and actual departure and arrival times, delays, and cancellations is made available through the Flight Status oracle from roughly three days in advance of departure until roughly seven days after arrival. The initial implementation of the Flight Status oracle has launched on Avalanche, with more networks to be supported in the future.
Blockchains and smart contracts are transforming insurance and risk assessment infrastructure around the globe. These technologies present opportunities for enhancing the mechanisms that power traditional industries and improving efficiency and transparency across a wide range of business sectors.
“We are excited to support LexisNexis as they unlock new hybrid smart contract use cases and help industries embrace blockchain innovation,” said William Herkelrath, Managing Director, Chainlink Labs. “Using the Chainlink Network to bring LexisNexis’ flight data on-chain improves supply chain inefficiencies that have arisen over the last several years and ensures greater access to innovative parametric insurance products.”
The global flight information supplied by the LexisNexis Flight Status oracle includes:
“The aviation industry, especially commercial aviation, is increasingly looking at and adopting blockchain technology to address current and future business challenges in the supply chain and across the travel value chain. Leveraging smart contracts can eliminate or simplify the significant efforts that are spent on contracts, monitoring of the fulfillment stage, reconciliation, invoicing, and settlement. Cirium is delighted to partner with its sister business, LexisNexis, to bring this to market,” said David White, VP Market Strategy at Cirium.
Chainlink, the industry-standard decentralized oracle network (DON), is the most widely adopted oracle solution in the blockchain space. Chainlink DONs connect smart contract applications to existing web APIs, off-chain computations, and other blockchain networks to expand the utility of decentralized applications across the multi-chain ecosystem. The Chainlink Network is backed by large enterprises and a highly tested feature set that enables security, transparency, and authenticity in data delivery.
“Trusted data is a central component of the LexisNexis Legal & Professional brand,” Riehl said. “The foundation for Web3 is a system that doesn’t need a central authority to function. However, this system needs trusted data and analytics from the real world. As a Chainlink node operator, LexisNexis is extending its data business to Web3 and exploring new opportunities to expand. Our new Flight Status oracle is one example.”
About LexisNexis Legal & Professional
LexisNexis Legal & Professional® provides legal, regulatory, and business information and analytics that help customers increase their productivity, improve decision-making, achieve better outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. LexisNexis Legal & Professional, which serves customers in more than 150 countries with 10,500 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.
Chainlink is the industry standard for building, accessing, and selling oracle services needed to power hybrid smart contracts on any blockchain. Chainlink oracle networks provide smart contracts with a way to reliably connect to any external API and leverage secure off-chain computations for enabling feature-rich applications. Chainlink currently secures tens of billions of dollars across DeFi, insurance, gaming, and other major industries, and offers global enterprises and leading data providers a universal gateway to all blockchains.
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