Chainlink has announced liking up with Intel, Hyperledger and EntEthAlliance to present a new Trusted Computation Framework that makes use of public blockchains, Chainlink oracles and trusted computing to bring about enterprise blockchain adoption.
The presented paper shared to the blockchain community was ably coauthored by Chainlink team, Eugene Yarmosh, Intel Systems Architect and TCF Technical Lead.
Using blockchain technology, it becomes easy to strengthen scalability and privacy with the help of Chainlink oracles to forward transactional computation off-chain to the Trusted Computation Framework (TCF).
The new design pattern was featured in Intel’s recent article which includes broader advantages as well as the shortcomings of TCF architecture, public blockchains, and how confirmed oracles through Chainlink can ensure bi-directional connectivity between on-chain and off-chain environments.
Chainlink detailed three important use cases in insurance, finance and global trade purposely to showcase how the system works. The introduced TCF solves problems related to blockchain scalability and privacy challenges.
In the finance industry for example, where Decentralized Finance (DeFi) is highly sought after, the TCF offers a completely secure environment that gives room for party to enter into a variety of derivatives contracts by offering off-chain computation purposely to achieve high throughput and lower cost update to contracts before they are finally resolved.
For this purpose, Chainlink oracles works in the area of relaying necessary market data required for execution. It can also forward metadata to repositories and regulators.
In the multi-trillion dollar Insurance industry, the TCF can function well in the realm, concealing execution information needed to process claims and settle the contract.
Chainlink oracles, however, supply necessary data detailing events and determining the outcomes.
As well, in the Global Trade where several components like the regulation, trade financing and importantly, the supply chain are involved, TCF provides computation to achieve global trade contracts that save web data, GPS, IoT among other confidential information.
For Chainlink oracles, the model serves as a reputable bridge to link ERP data, Web and IoT into the smart contract while also serving as a link for sending data out.