Züs & Chainlink : Oracle Blockchain Solution Providers

As highlighted in the Oracle Open World presentation on February 13, 2020, Chainlink and Züs (formerly 0Chain) are both Oracle Blockchain Solution Providers. Between them, they aim to help eliminate the barriers for enterprises to implement blockchain solutions. Chainlink focuses on providing accurate, up-to-date information for smart contracts. 0Chain provides data storage solutions with an emphasis on privacy and security.

Oracle has teamed up with a variety of startups to grow its network to provide enterprises with a variety of services. As seen in the graphic above. Through its blockchain network, Oracle hopes to help enterprises in many ways. To utilize blockchain services to decrease costs, improve efficiency, and enhance network security.

About Chainlink

Chainlink is a decentralized oracle solution. A pivotal Oracle Blockchain Solution Provider that acts as a secure middleware for smart contracts to access data. Chainlink aims to solve the ‘oracle problem’ which is the issue with smart contracts accessing data from oracles that feed them the information. Smart contracts are only as smart as the oracles they can pull info from. If Chainlink can provide accurate, relevant information then “the auto-enforcing ability, immutable nature, cost-effectiveness & self-execution of these smart contracts make them a perfect agent for automating transactions with transparency and almost a zero chance of failure” (article).

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So how does Chainlink help? The decentralized blockchain acts as a bridge between the oracles and the smart contracts. The oracles feed information like data sources, and APIs to the smart contracts which can be implemented on blockchains such as Ethereum. The Chainlink nodes perform independent computations. These verify that the data being fed into the smart contracts is correct and accurate. Companies and startups can use These nodes which “reliably and consistently provide off-chain data to these applications.” As highlighted in an Oracle blog post, “you don’t want to bring bad data to a blockchain party, all inputs must be evaluated by a trusted ‘blockchain oracle’ network like Chainlink, which can then timestamp and wrap them with non-repudiable signatures before providing them to smart contracts.” Through Oracle Cloud Infrastructure, Chainlink can help provide the following through its nodes:

• Connectivity: Integrate smart contracts on various networks to existing apps and external data
• Payments: Sends payments from smart contracts to existing bank accounts and/or popularly used payment networks
• Interoperability: Secure cross-chain connectivity between smart contracts and any other public or private network

Want to leverage Chainlink with Oracle for Startups?

0Chain

0Chain is a built-from-scratch blockchain that focuses on providing efficient, secure, and private data storage. Due to its high speed and efficiency combined with inherent privacy and security. Therefore 0Chain becomes a perfect fit among oracle blockchain solution providers. 0Chain has the potential for a huge variety of dApps and solutions across a range of platforms. They aim to reduce data breaches and help companies maintain GDPR and CCPA compliance. 0Chain has teamed up with “Oracle to provide Hyperledger Fabric customers a solution to use 0Chain dStorage as a trusted party for file-based transactions that require data validation from endorsers” (article). As an Oracle Blockchain Solution Provider 0Chain continuously protects against data breaches, automates data compliance, enables secure sharing of data with third parties, and helps eliminate liability costs (Oracle).

How This Works

Data breaches are up 33%. General Data Protection Regulation (GDPR) and California Consumer Privacy Act (CCPA) regulations carrying fines of up to $25M. There has never been a better time for the implementation of a platform that helps eliminate these risks. As mentioned in an Oracle blog post, “for organizations to truly solve the privacy issue and achieve zero-liability, they must give full ownership and control of data to the customer and provide transparency of data activities.” Among oracle blockchain solution providers with 0Chain’s platform, enterprises will be able to:

• Shift liability: Users will own, have control of data, and have a transparent view of data being shared with the enterprises. “Liability shifts to (users), organizations must ensure that the data is well protected. That all activities are recorded on the ledger and prevent any potential for a breach.”
• Preventing data breach: data is split into multiple servers with different keys so that hackers must obtain all the keys to gain access. The simple implementation allows for server access keys to be distributed among teams and individuals within an organization
• Business Advantage: Deployable directly from Oracle Cloud Marketplace, 0Chain provides automation, liability and breach protection, immutability, transparency, and GDPR/CCPA compliance. Available on-premise, through the cloud, or in hybrid environments, 0Chain helps provide a solution tailored to your company

As part of its ecosystem, 0Chain has also developed 0Box, a Dropbox-style application for data storage, and 0Wallet, a secure crypto wallet that implements 2DA — a revolutionary security feature to prevent hacks. Want to leverage 0Chain’s data privacy compliance platform through Oracle Cloud Infrastructure?