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Chainlink Purchased Hardware Oracle Tool

The hardware-based tool, dubbed Town Crier, was established by Cornell along with IC3. It is currently being realized on a much larger scope. Town Crier is set to improve greatly on smart contracts as well as on oracles.


 

Using Oracles

Chainlink and Town Crier serve to supply oracles, or certain tools that recover and change data into formats that are compatible with SC. because these smart contracts carry out certain actions including Txs, information which can be immediately managed it make them a critical form of asset.

Chainlink is a system that is decentralized which gives access to SC that have various varieties of information feeds, APIs, as well information from the bank. Chainlink has implemented oracles for the famous SWIFT protocol which is used for payments.

The oracles from Chainlink are reliant on software however, they are not reliant on any hardware. The software oracles could actually be unreliable to use though depending on sources that pose a threat. As for oracles that are based on hardware, they can be significantly more safe and secure, which is crucial in the current crypto sphere.

Town Crier is an oracle that is based on hardware rather than software, which translates to the tool being dependable on reliable TEE’s. What Town Crier mainly does is scraping data from the web, exactly like a lot of oracles, so being reliant on hardware that is trusted allows the authentication of information sources and keeping the data classified.

Cases of Usage

Town Crier has been implemented to be utilized an ETH BC, and the dev team at Cornell was able to produce more than one application for this specific tool.

This tool could be implemented to allow insurance for flights to be paid if any cancellation happens and travelers don’t have to share travel itineraries in a public manner within the blockchain. The tool is able to get schedules of flights and starts to compare this data with that of the traveller making sure privacy isn’t compromised. Other applications listed on the development page of the product include UPS system, steam Txs, and more.

This collaboration shows that Chainlink is going to be handling the development of Town Crier going forward. Town Crier has been implemented via a team of academics, so exposure will be a lot more with Chainlink. The tool is just the latest of offerings from Chainlink.

1 month ago

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