New Tool For Confidential Blockchain Queries To Be Launched

New Tool For Confidential Blockchain Queries To Be Launched

Researchers at Cornell`s Initiative for Cryptocurrencies and Contracts (IC3) have launched an oracle service that allows ethereum smart contracts to gain information and securely send confidential queries to websites.

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Researchers at Cornell`s Initiative for Cryptocurrencies and Contracts (IC3) have launched an oracle service that allows ethereum smart contracts to gain information and securely send confidential queries to websites.

According to the publication, smart contracts can`t simply obtain data on their own. Therefore, they rely on “oracles”. These oracles allow smart contracts to access information like commodity, currency, derivative pricing and others. After that, they use the data to implement the terms of a smart contract.

The new service is called Town Crier. It is different from other oracles because it gets added security from Intel`s Software Guard eXtensions (SGX).

The product works by letting the user run a code inside an enclave, or a type of black box environment that provides extra protection against tampering. This is secure because not even a computer`s own operating system can see the data inside the enclave.

There is also other features SGX offers to its customers. One of them is “remote attestation”. With it, those using the service will reportedly be able to validate Town Crier code that is running in a secure SGX environment.

“Assuming that you trust SGX, data delivered by Town Crier from a website is guaranteed to be free from tampering. This authenticity property means that to trust Town Crier’s data, you only need to trust Intel’s implementation of SGX and the target website.”, said Ari Juels, a professor at Cornell Tech.

“Even if banks trust one another to source data correctly, they are not going to trust one another to handle data on business plans or trades, so confidentiality features of a system like this are also very important in a permissioned setting.”, he added, while speaking to coindesk.com.

At the moment, the service supports only query types for flight data, stock tickers, UPS tracking and weather data.

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