- Web3Shield joins Chainlink’s Build program to enhance its onchain insurance solutions and accelerate ecosystem growth.
- Integration with the Chainlink Cross-Chain Interoperability Protocol ensures secure cross-chain transfers and multi-chain capabilities.
Web3Shield, a leading insurance, privacy and security protocol package, recently announced its participation in the Chainlink Build program. This initiative aims to encourage the adoption of onchain insurance while taking advantage of the services offered by the Chainlink oracle. With the integration of Build, Web3Shield expands its ecosystem through technical integration and cross-chain capabilities, while increasing security and accessibility in the Web3 sector.
The Chainlink Build program helps early-stage startups and pre-existing projects in the Chainlink ecosystem with foundational resources, product launches, and technical assistance. In return: participants maintaining the security of the network and encourage service providers. Web3Shield’s inclusion in this program marks a major step in the organization’s goal to promote onchain insurance among other services in the web3 space.
One of the key components of the Web3Shield approach is the use of Chainlink’s Cross-Chain Interoperability Protocol. This technology enables the secure transfer of Web3Shield’s proprietary token, SHLD, across chains to support the company’s multi-chain insurance products.
Onchain insurance for a safer internet3
Web3Shield’s main goal is to provide onchain insurance that is as simple as web2 counterparts. The products are designed to secure cross-chain transactions and tokenized real-world assets.
The CCIP, powered by the Chainlink oracle network with a transaction volume of over $15 trillion, enhances the security of Web3Shield solutions. It also provides a separate risk management network that continuously monitors suspicious activities to make the ecosystem more secure.
Commenting on this development, Web3Shield founder Ritam Gupta said that joining the Chainlink Build program is a big step for the company. He further stated:
“Chainlink’s industry-standard services will enhance our ability to deliver seamless and secure insurance products while contributing to the stability and growth of the decentralized ecosystem.”
Chainlink Partners drive growth across multiple sectors
If previously reported by Crypto News Flash Chainlink has increased its influence through partnerships, which only strengthens its position within the blockchain sphere. Currently in the gaming industry, Soneium, affiliated with Sony, has acquired Chainlink’s CCIP and Data Feeds to provide cross-chain solutions and real-time data services. This partnership is expected to greatly expand the use of Web3.
In the DeFi sector, Aave Labs has integrated with Chainlink to leverage the Chainlink Oracles and CCIP for secure interoperable on-chain lending and borrowing. This integration enhances the decentralized financial ecosystem by improving the security and scalability of its functions.
In the conventional banking system, ANZ is a leading Australian bankapplies Chainlink’s CCIP for cross-border payments and asset tokenization within Project Guardian. This program improves the integration of private blockchains and tokenized securities, such as commercial paper.
Additionally, CitiBank is working with Chainlink to explore how traditional financial institutions can adopt DeFi. The Celo Network also integrates with Chainlink’s CCIP and VRF to help increase financial inclusion and advance Web3 development.