Chainlink Build Welcomes Web3Shield to Boost Onchain Insurance Adoption

• Web3Shield joins Chainlink’s Build program to enhance its onchain insurance solutions and accelerate ecosystem growth.

• Its integration with Chainlink Cross-Chain Interoperability Protocol ensures safe cross-chain transfer and multi-chain capabilities.

Web3Shield, a leading insurance, privacy, and security protocol suite, recently announced its participation in the Chainlink Build program. This initiative seeks to spur the uptake of onchain insurance while capitalizing on the services offered by Chainlink’s 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 already existing projects in the Chainlink ecosystem with fundamental resources, product launches, and technical assistance. In return, participants maintain the network’s security and encourage service providers. The inclusion of Web3Shield in this program marks a major stride in the organization’s goal of promoting onchain insurance alongside other services in the web3 space.

One of the key components of the Web3Shield approach is the usage of the Cross-Chain Interoperability Protocol by Chainlink. This technology allows for the secure transfer of Web3Shield’s native token, SHLD, across different chains in support of the company’s multi-chain insurance products. 

Onchain Insurance for a Safer Web3

The main goal of Web3Shield is to provide onchain insurance as simple as web2 counterparts. Its products are designed to secure cross-chain transactions and to secure tokenized real-world assets. 

The CCIP, backed by the Chainlink oracle network with over $15 trillion in transaction volume, enhances the security of Web3Shield solutions. It also provides a separate Risk Management Network that tracks suspicious activities continuously to make the ecosystem safer.

In response to this development, Web3Shield founder Ritam Gupta said that joining the Chainlink Build program is a big leap 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

As previously reported by Crypto News Flash, Chainlink has grown its influence with collaborations, which only enhances its position within the blockchain sphere. Currently, in the gaming industry, Soneium, affiliated with Sony, has adopted Chainlink’s CCIP and Data Feeds to offer cross-chain solutions and real-time data services. This partnership is expected to expand the usage of Web3 greatly.

In the DeFi sector, Aave Labs has integrated with Chainlink so as to harness the Chainlink Oracles and CCIP for the purpose of secure interoperable lending and borrowing across the chains. This integration enhances the decentralized finance ecosystem by enhancing the security and scalability of its functions.

In the conventional banking system, ANZ, a Australian leading bank, applies Chainlink’s CCIP for cross-border payment and asset tokenization within the Project Guardian. This program enhances the integration of private blockchains and tokenized securities, such as commercial paper.

Furthermore, CitiBank has partnered with Chainlink to investigate how traditional finance can adopt DeFi. The Celo Network also integrates with Chainlink’s CCIP and VRF to help increase financial inclusion and drive forward the development of Web3.