Chainlink, the decentralized oracle provider, has acquired Cornell University-based project DECO meant to enhance the privacy of oracles used on blockchain networks. Oracle-based data plays a critical role in maintaining the blockchain network, and with growing cases of hacks and ransomware, strengthening the accuracy, security, and privacy of the Oracle systems would eventually enhance the network of blockchain itself.
Dr. Ari Juels, one of the staff at Cornell University who was involved with the DECO project, has been hired by Chainlink as the chief scientist for the project. Jules would be responsible for overseeing the integration of DECO.
DECO was part of Cornell’s Initiative for Cryptocurrencies and Contracts, and it would help Chainlink in minimizing the privacy issues for the data that it offers for smart contracts. The integration of DECO would make Chainlink oracles more secure and private. Chainlink oracle provides an external source of data for smart contracts, which are crucial given, crypto prices change quite often.
The integration of DECO to Chainlink protocol would allow proving the origin and state of confidential data without compromising on user’s privacy. If we look at the real-world example, the integration would let the user see the info posted by a particular account, but won’t reveal any other detail about the same. Chainlink also believes DECO could be used more broadly, especially for the defi ecosystem, and make data oracles safe and secure to use for everyone.
Sergey Nazarov, a Chainlink co-founder, commented on their recent integration and said,
“DECO enables a large expansion in the quality and breadth of data that can now be made available to public blockchain systems. There are lots of private data associated with real-world collateral, like the state of an invoice, or ownership of the real estate, or some other insured asset.
DECO-enabled Chainlink oracles will be able to prove to a smart contract that the state of the asset is solvent, without disclosing private or personal ownership information onto a public blockchain.”