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.