Chainlink a decentralized oracle platform based on the Ethereum network has announced a new Trusted Computer Framework (TCF) in association with Intel, Hyperledger, and Enterprise Ethereum Alliance (EEA) in order to connect the centralized enterprises with the decentralized world.
The new framework promises privacy and scalability with the help of Chainlink Oracles to route transactional computation off-chain and onto the TCF. The newly developed framework promises bi-directional connectivity between the on-chain and off-chain world. This would eventually improve backend business procedures and save costs for the businesses.
Generally, businesses need to transfer their data onto a blockchain system and then start using it, however, it's a long tiring and costly job. TCF on the other hand even though is based on a decentralized network it has the ability to manage computational data off-chain as well.
There have been several similar attempts in the past, but most of them compromised scalability and privacy. However, TCF with the use of real-time data from Chainlink Oracles and smart contracts create a Trusted Execution Environment (TEE) to ensure off-chain computations are done correctly and maintain privacy.
Although Off-Chain computation has several advantages, it does not possess a computational trust, and TCF aims to bridge that gap using TEE.
Trusted Execution Environment Attributes
Trusted Execution Environment possess several attributes that make it perfect for decentralized networks, some of those attributed are,
The TEE has special properties that allow it to isolate its workload execution from all untrusted software including the OS kernel. As a result, even the platform owner (e.g. Cloud Server Provider) cannot access the data being processed by the TEE
The TEE can provide an attestation verification report that delivers a proof that submitted workloads will be executed on the platform with appropriate hardware capabilities, that the platform’s trusted computing base (opcode, firmware) is up to date, and only authorized algorithms will be used to execute workloads
TCF utilizes TEE isolation and attestation to implement capabilities that ensure data confidentiality and integrity and provide cryptographic proof of the valid workload execution that can be stored on-chain. The data from multiple sources can be independently encrypted by the corresponding data owners, processed in decrypted form only within the TEE, and discarded after the processing.
How Can TCF And TEE Help?
Trusted Computation Framework can change the way centralized and decentralized world interacts
The blog post by Chainlink also noted key industries and areas where TCF and TEE can help bridge the gap between on-chain and off-chain ecosystems. The three key industries that can benefit the most include,
A multi-trillion dollar worldwide industry but faces major issues of mistrust and disagreement regarding insurance claims. With smart contracts into the picture, the need for manual verification can be eradicated and smart contracts can be programmed totally based on data that are tamper-proof.
Global Trade industry can not only streamline the highly scattered supply chain, trade financing, and regulation. Since each component of the business is dependent on data and many cases sensitive data, with TCF into the picture all these global trade data about supply chain navigation, tracking, GPS data can be managed highly efficiently and with great security. TCF can manage what amount of data is available to whom and with smart contracts, every aspect can be managed efficiently.
The financial world has been rigged to favor the rich and powerful however the new era of Decentralized Finance (De-Fi) has become the fastest-growing use case for a public blockchain. With the help of smart contracts, no one has to depend on an authority to decide what to do with their money.
With De-Fi people can lend, borrow and generate interest on their own money. However, the De-Fi's reach is currently limited to retail markets as the enterprise market is highly regulated. This problem can be solved by TCF as it is highly confidential and secure, two enterprises can enter in a variety of derivative contracts without revealing any sensitive information.
The aim behind the TCF is to provide the decentralized facilities and services to the enterprise customers without compromising on legislation, privacy, and security.
Along with @Intel, @Hyperledger, @EntEthAlliance & others, we're excited to present a new Trusted Computation Framework that leverages public blockchains, Chainlink oracles & trusted computing to drive enterprise blockchain adoption. https://t.co/BSGGZJJfwu
— Chainlink – Official Channel (@chainlink) October 7, 2019