Chainlink, a company that specializes in blockchain-based smart contracts, has acquired DECO HTTPS/TLS data transmission technology from Cornell University, according to a prepared statement. The company announced the acquisition at this month's Smart Contract Summit for decentralized finance (DeFi) developers.
This is M&A deal 349 that ChannelE2E has covered so far in 2020. See the full M&A deal list here.
DECO was developed by former RSA Chief Scientist Ari Juels, who joins Chainlink Labs as its Chief Scientist. In this role, Juels will oversee the implementation of DECO and other Web 3.0 technologies, Chainlink stated.
DECO extends the data security capabilities of HTTPS and TLS, Chainlink noted. It guarantees that data remains private when it is delivered from both private and premium data sources.
In addition, DECO simultaneously provides private and premium data across the Internet and maintains its confidentiality and security, Chainlink indicated. To do so, DECO leverages cryptography and zero-knowledge proofs from servers using HTTPS/TLS, without releasing data externally.
DECO also provides previously unavailable data security when organizations transfer data over the Internet, Chainlink co-founder Sergey Nazarov said. As a result, DECO increases the security of private and premium data that becomes available for use by Web 2.0 and Web 3.0 applications.
What Does the DECO Acquisition Mean for Chainlink?
DECO provides an additional layer of security, so previously inaccessible data can be made available to existing web systems, blockchains and smart contracts, Chainlink pointed out. Furthermore, DeFi professionals and organizations can use a DECO-enabled Chainlink Node to:
- Provide data to blockchains and any associated DeFi protocols and smart contracts.
- Verify the state of private data without releasing the information held in internal systems.
- Enable consumers to review their personal data without giving applications full access to their personal accounts.
Chainlink technology lets end-users build blockchain-based smart contracts that securely access off-chain data feeds, web APIs and traditional bank payments, the company stated. It also drives the use of smart contracts in financial services, insurance and other highly regulated industries.