ChainLink and Intel have come together to deliver an oracle solution for smart contracts. The solution allows companies to keep their data private. The solution conducts the transaction off-chain so that no one can see the confidential corporate data.
ChainLink and Intel working together
Blockchains allow corporations to operate scalably with privacy. However, the same cannot be said about public blockchains. Public chains are far behind private blockchains when it comes to privacy. To fix this, ChainLink has devised a solution that routes transactional computation off-chain to its Trusted Computation Framework (TCF).
The solution introduces bi-directional utility to blockchains, in turn, making the transactions smoother and more cost-efficient.
Currently, the Ethereum blockchain is one of the most innovative technological developments of this era. The smart contracts operating on the network have achieved far beyond trust and verification. Smart contracts allow users to replace an intermediary with code and data that guide the procedure of the contract.
Public blockchains provide a very high level of transparency that is sometimes inconvenient for enterprises. Enterprises would not want the underlying data of a smart contract to visible to the public on the chain. Using Ethereum for verifying and executing and smart contracts are one thing: using it for storing the contract’s data is another.
ChainLink and Intel are solving one of the greatest issues any organization would have while using smart contracts. TCF is kept decentralized by integrating a Trusted Execution Environment in the shape of Intel’s Software Guard Extensions.
TCF is the perfect solution for the issue as the product benefits from Intel’s expertise in computation. Even more, the product’s execution is boosted by ChainLink’s ability to link a public blockchain with the outside world through oracles.