TEEX Computing Platform and Ontology Blockchain Partner to Enhance Smart Contract Data Security
TEEX will avail its privacy-centered computing solution to the Ontology public blockchain platform. In due course, these two entities plan to develop an ecosystem that will guarantee the safety of sensitive data on the distributed ledger. This platform will run on self-executing smart contracts.
Besides, ontology will also integrate the TEEX security solution, called TEE, to safeguard the private keys of its proprietary digital wallet, OWallet. OWallet is available on both mobile and desktop platforms.
Ryan Yu, a co-founder of TEEX, said that the collaboration between his firm and Ontology will result in the launch of a blockchain solution with an impenetrable security mechanism. According to him, this mainnet will play a vital role in the adoption of blockchain technology in industries such as finance, medicine and artificial intelligence.
TEE stands for Trusted Execution Environment, a chip that prevents the execution of malicious code and data theft from a computer on a network. It is so powerful that it blocks software with advanced privileges, including operating systems. Also, TEE allows users to authenticate their nodes from remote locations to avoid data theft.
Xianping Mao, the dean at the Ontology research institute, said that ONT will work with TEEX to develop new blockchain-based solutions. He mentioned the prospect of developing private smart contracts and introducing a secure blockchain platform that will allow uses to execute such smart contracts.