Chainlink and IoTeX platform to Deliver Real-World Data to Blockchain and Oracle Research

The blockchain developers within the crypto space need to have proper access to real-world data in timely data. This is whether they are getting data from one of the big databases or it could be an IoT sensor. The information that has been gathered needs to be trustworthy as it is all going to be used on DApps.

As a result, this is where the decentralized oracles become an important factor.

Oracles are Able to Offer Several Benefits

The Oracles systems have been designed to expand the capabilities of the blockchain technology, this is done by verifying and locating the needed real-world information. As a result, this will be used in the smart contracts that are being issued.

These systems have been able to evolve over time, but just like any system, there is nothing perfect as it has its own challenges. The main challenges are ensuring the integrity and also the ability to have confidentiality in the information that is being delivered by these oracle systems.

Both Companies are Looking Forward to the Collaboration

The Chainlink and the IoTeX platforms are both very excited to collaborate on the oracle research and development. The move is to ensure they are both able to bring some real-world data that can be sued in the blockchain applications.

Both companies have been able to adequately improve the blockchain technology with the use of the TEE, Trusted Execution Environments. It is a secure hardware element that has been able to empower the use of trusted computing. In simple terms, the use of TEE has been able to offer a confidential and protected environment that will be able to run the process efficiently.

With the strong security features that have been designed into the TEE, it is able to guarantee confidentiality and integrity when they are executing the commands. It is the likes of blockchain queries that have been gathered for the real-world data

The Benefits of the TEE System

The oracles that have been powered with the TEE are able to allow the end to end traceability and trust within the system. All this happening without leaking any of the sensitive information that has been gathered in the whole process.

“We are excited to work with IoTeX to introduce new IoT data and TEE technology to the blockchain industry and expand the capabilities of decentralized oracles.”

— Daniel Kochis, Global Head of Business Development at Chainlink

What you Should Expect to See Next

The integration of the Chainlink platform to the IoTeX Mainnet will help in making the data that has been gathered on the off-chain made available on the IoTeX smart contracts. Both companies will be able to go the extra mile in exploring the new data sources to ensure the system gets oracalised in a more trusted fashion.

But this is not all as Chainlink had also gone ahead to partner with Google BigQuery, one that has been able to open up some promising possibilities. But most of the private or public data is still being untapped. Thus, with the partnership they have gotten into with IoTeX can create a more fluid ecosystem for the IoT and the real-world data.

Chainlink has been established as a decentralized oracle network that is able to allow the smart contracts to easily access the data feeds off-chain. A platform that is continually being selected as a top blockchain platform within the crypto space.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,486FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

IRS to Revise Form 1040 to Make it Harder for Traders to Escape Crypto Tax Obligation

The Internal Revenue Service is planning to change the 2020 tax form and make sure all taxpayers report about their cryptocurrency transactions. The standard 1040...

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today