- Chainlink’s price has risen steadily over the last 30 days due to strong news.
- As now announced, Chainlink is working with Intel, Hyperledger and EntETHAlliance to drive blockchain adoption in the enterprise sector.
Chainlink is an ambitious project on the crypto market that tries to solve a seemingly huge problem. The Ethereum ecosystem can programmatically map almost any problem through the use of smart contracts. However, there is no possibility to communicate with external systems. In order to solve this problem, Chainlink uses so-called oracles to create access via an API to the smart contracts that previously existed isolated on the blockchain.
Due to this problem, blockchains in the area of data protection and scalability of enterprise applications quickly reach their limits, as there is no possibility to interact with parties outside the blockchain. By using Chainlink oracles, transactions can be forwarded off-chain to the Trusted Computation Framework (TCF).
Google also recognized the potential of Chainlink early on, so the tech giant announced in June 2019 that it would work with Chainlink on a project to organize and store cloud-generated data on the blockchain. Now other heavyweights in the tech industry have recognized the opportunities of Chainlink as well.
Chainlink partners with Intel and Hyperledger
A new system will be provided that solves the already mentioned problems in a simple and reliable way with a minimum of resources. This is where TCF comes in, which deals with the scalability of the blockchain and the associated challenges in data protection. In particular, computing-intensive and private data processing are to be removed from the blockchain.
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
According to Chainlink, the advantages of this new system lies in the following aspects:
- The off-chain Smart Contract process execution is significantly more efficient than with conventional blockchain transactions.
- High volume transactions can be easily throttled off-chain by pre-processing different data and passing only the most important information on-chain
- Complex processes such as artificial intelligence (AI) for video or genomics can be processed off-chain and thus do not burden the ecosystem.
- Flexible data protection policies can be implemented outside the blockchain
- The off-chain execution is often the only way to cope with the large flood of data.
By combining private and scalable off-chain computations using TCF and off-chain connectivity via chainlink, blockchain applications can focus on their core benefits: finding a “truth” and meeting enterprises’ requirements for ecosystem complexity.
The new TCF design allows legacy systems to migrate to next-generation smart contract applications in blockchain networks without redesigning the back-end system. This allows developers to use their tools to explore new customized dApp designs instead of being trapped in a single framework. The next steps in the development of blockchains will therefore be to enable smooth collaboration between on-chain and off-chain, public and private systems.
Chainlink’s price on the rise
Chainlink has developed into a project whose potential is slowly but surely recognized by many companies. This is probably why Chainlink’s price has risen continuously (+32%) over the last month to 2.33 USD.