Posted 11 months ago | by Ben Armstrong

Chainlink Acquires a Privacy-Preserving Oracle Protocol

The oracle blockchain platform that connects applications, Chainlink, has acquired privacy-preserving oracle protocol DECO from Cornell University. Following the acquisition, one of the creators, Ari Juels will also be participating in Chainlink’s projects as lead scientist.

Juels was a former lead scientist at RSA and has been a professor at Cornell University since 2014, which is a leading Western blockchain research destination.

Juels decided to take a break from academic work to put effort in his new responsibilities at Chainlink. He also invented the word "proof of work," along with his research partner, Markus Jakobsson.

Chainlink and DECO Look Good

Specialized cryptography and zero-knowledge proof are DECO’s target methods to support its users with effective privacy.

Speaking with media, Chainlink co-founder Sergej Nazarov highlighted that DECO integration would improve security in the framework of the project.

Nazarov commented,

“DECO-enabled Chainlink oracles will have big implications for smart contracts across enterprise, consumer, and even DeFi applications. Basically, any smart contract that was previously limited by private data will soon be able to function on a public blockchain like Ethereum without revealing any confidential information to the blockchain.”

Nazarov expressed his confidence in the potential benefits of this new enhanced privacy protocol for both consumers and businesses. The coming can demonstrate data without disclosure, while customers can prove individual and financial details without giving access.

More Good News for DeFi

This integration can open an opportunity for Chainlink to approach new data sources.

Nazarov expanded on this,

“This is already leading to the addition of various data sources that were previously much more difficult to place on-chain, due to the fundamental nature of public blockchains being publicly viewable, and the private nature of various sources of high value data.”

In response to questions regarding the availability of new chief scientist at Chainlink, Nazarov stated,

“He has taken a sabbatical from his academic work and is currently focused on working on the Chainlink protocol. He will also be leading our entire research team, effectively stewarding the technical direction of the protocol as a whole.”

Nazarov said he can also build limitless possibilities in DeFi, from credit ratings to asset-backed security without having to assess confidential details.

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About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g Chainlink Acquires a Privacy-Preserving Oracle ProtocolBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.