In a live statement made by Sergey Nazarov of Chainlink, he announced that his smart-contracts related blockchain firm was all set to acquire Cornell’s Town Crier project.
As a result of this deal, Chainlink will now be adopting the technology that is currently being used by the the hardware-based oracle system on the Chainlink network.
What is Town Crier?
Town Crier is a unique venture that was designed by staffers at Cornell University as well as IC3 so as to make smart-contract related data more private and secure. To further elaborate on the matter, the project makes use of a novel process of verifying individual transactions without leaking any sensitive data in the process.
In relation to the matter, a representative for Chainlink announced that the firm is looking to integrate Town Crier’s native technological framework into its very own decentralized Oracle network.
The Move Makes Sense for Both Parties
Expounding further on his company’s expansion decision, a spokesperson for Chainlink said:
“Chainlink is the most qualified team to seize the baton and bring Town Crier to the next stage of development. I’m confident that Chainlink’s leadership will result in high production quality, a raft of new features, and greatly improved usability. Integration of Town Crier into the Chainlink platform will help solve the vital problem of smart contract connectivity by bolstering both data integrity and query confidentiality.”
Not only that, Nazarov then added:
“We decided that Town Crier was a good option for inclusion in Chainlink because we have been working on it together with Ari and Cornell, and know that it's the best approach out there for securely getting data to smart contracts using a Trusted Execution Environment like Intel's SGX.”
Rounding off this article, we can see that this latest partnership will most likely usher in a new era of smart contract usage all across the globe.
With institutions such as Cornell strongly backing blockchain and other decentralized technologies, it now remains to be seen how such advancements in research can help in the spreading of smart contracts use within diverse industries such as securities, derivatives, insurance and trade finance.