Blockchains have the ability to give corporations privacy and scalability in their transactional layers. However, public blockchains are currently sub-par in terms of privacy. ChainLink has devised an oracle to route transactional computation off-chain to its proprietary Trusted Computation Framework (TCF), October 7, 2019.
Smart Contract Privacy on Public Ledgers
Together, ChainLink and Intel have helped created an oracle solution for smart contracts that allow companies to keep raw data private. Instead of having the oracle transaction on-chain, this is routed off the blockchain so nobody can see confidential corporate data.
By enabling bi-directional utility, blockchains can work together to streamline back-end operations and make the process less cost-intensive.
Ethereum is by far one of the most innovative technological developments of this decade. Smart contracts have transcended trust and verification, all at once. Instead of putting your trust in a third-party, smart contracts execute terms/parameters of a contract through code and data inputs.
Public chains provide great transparency, but sometimes, entreprise would not want the underlying data in the smart contract to be publicly available on-chain. Using Ethereum as a means of verifying whether a smart contract’s parameters were met and executed is one thing; using it to store all the data about that contract is another.
With their Trusted Computational Framework, ChainLink and Intel are addressing one of the biggest concerns an organization would have when dealing with smart contracts. TCF is kept decentralized by integrating a Trusted Execution Environment in the form of Intel SGX.
Missing Puzzle Piece
Crypto communities are constantly asking themselves why adoption has been so slow. This is mostly accrued to the fact that there are multiple concerns that enterprises have on a systems and network level.
By bringing the option to privately compute and execute smart contracts, while keeping them deployed and verifiable on a public ledger, ChainLink is helping the corporate world use blockchain on their own terms.
By using Intel’s expertise in computing and ChainLink’s ability to link a public blockchain with the outside world through oracles, the Trusted Computational Framework could serve as a key driver for corporate blockchain adoption, without separate enterprise chains like Ontology.