Chainlink Partners with Intel & Hyperledge On New Trusted Computation
Blockchain project Chainlink has announced an unprecedented partnership with Intel, Hyperledger, and EntEthAlliance. This partnership is expected to explore a new Trusted Computation Framework (TCF) That will make use of blockchains, chainlink oracles, and other relevant computing technology. ‘
This development was revealed to the blockchain community in a whitepaper co-authored by the three major parties involved. It is expected that the project would be based on blockchain technology in a bid to increase scalability and privacy.
In addition, Chainlink oracles would be used to forward transactional computing off-chain to the Trusted Computation Framework.
Intel features heavily in this project with the tech giant elaborating in a recent article, the advantages as well as the cons of TCF architecture as well as a public blockchain. The report had proferred a solution whereby confirmed oracles from Chainlink can be used to ensure, bi-directional connectivity on and off the chain ecosystem.
Trusted Computer Framework To Focus On Three Sectors
Chainlink detailed three major sectors that can be used, namely insurance, finance and global trading in what was a mock trial. According to the report, the exploration of TCF would help solve the problem related to blockchain security and scalability.
Looking at the insurance industry. TCF can perform a nice job in ensuring the security of execution information, required to process and settle contracts. While in the Finance sector, TCF can bring stable decentralized finance. In this situation, TCF will offer a completely secure environment that would enable two to enter into different derivative contracts.
This will be achieved by offering off-chain computation in a bid to achieve high input and reduced costs for contracts before they are restored. In addition, Chainlink oracles would be used to relay messages regarding market data required for execution. It can also be used to forward metadata to repositories and regulators.
TCF can also be useful in global trade where several aspects like regulation, trade financing and are used for the transactions. TCF will provide resourced to achieve global trade contracts while maintaining maximum security.
It would be interesting to note how it really works out when launched, as it has all the signs of a good approach.
About The Author
OlowoI am olowoporoku adeniyi, writer, editor and crypto evangelist, with five years experience in the Blockchain industry.
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