Blockchain technology could offer large corporations scalability and privacy during transactions. However, most large corporations are averse to placing their private data out in the public. As they are, public blockchains do not offer these corporations the privacy they desire. Chainlink has been working on a solution that will convince large corporations to adopt blockchain technology. The company has created an oracle that will route transactional computations off-chain. These transactions will be sent to the Trust Computation Framework, which was created by the company.
Bringing Privacy to Public Ledgers
ChainLink has partnered with Intel to create an oracle solution for smart contracts. It allows firms to keep their data private during a transaction. Instead of having transactions processed on-chain, the transaction is taken off-chain. This ensures that only those with special access can view the corporation’s data.
By allowing bi-directional utility, blockchains can be used to streamline the back-end processes of a company, helping them to cut costs. One of the most technologically advanced blockchains today is Ethereum. It has made it possible to use smart contracts, which help to eliminate the need for verification and trust. The intermediaries that provide the trust and verification usually charge a huge fee. Instead of placing trust in third parties, smart contracts allow two parties to transact directly using verifiable data and relatively simple code.
Why This Oracle Solution is Important
Public blockchains like Ethereum offer an unprecedented level of transparency. However, large corporations would like to keep their data private for various reasons. These reasons include maintaining a competitive edge in the marketplace. As a result, they might want to keep data from the smart contracts private. Using Ethereum to verify transactions is okay but having all the data from the transaction stored on it permanently, raises some serious issues.
Using the Trusted Computation Framework, Intel, and Chainlink will be able to address one of the major concerns, which prevents large corporations from using smart contracts. The TCF has been integrated into a Trusted Execution Environment using Intel’s’ SGX to ensure that it is decentralized.
Increasing Usage of Blockchains in Business Processes
Despite the clear advantages that blockchains offer to businesses, many are hesitant to use the technology due to concerns they have about who can view their data. By offering the corporate world the option to execute smart contracts privately while using the public blockchain to verify transactions, Chainlink will give the corporate world a reason to adopt the blockchain.
Why Intel Matters
By collaborating with Intel, Chainlink will be able to access the company’s expertise in computing. Combined with their expertise in linking public blockchains to the world using oracles, the Trusted Computation Framework could be an important driver in the adoption of blockchain technology in the corporate world.
It is also worth noting that Intel has extensive links in the corporate world. Chainlink could benefit greatly from the name-recognition that Intel already has. It will be much easier to convince major corporations to use the solution if they have the backing of a trusted and recognized brand such as Intel.
Image Source: ShutterStock