Chain link, a company specializing in blockchain-based smart contracts, acquired DECO HTTPS / TLS data transmission technology from Cornell University, according to a prepared statement. The company announced the acquisition this month Smart Contract Summit for developers of decentralized finance (DeFi).
This is the 349 M&A deal that ChannelE2E has covered so far in 2020. See the full list of M&A deals here.
DECO was developed by the former RSA Chief Scientist Ari Juels, who joins Chainlink Labs as Chief Scientist. In this role, Juels will oversee the implementation of DECO and other Web 3.0 technologies, Chainlink said.
DECO extends the data security capabilities of HTTPS and TLS, Chainlink noted. It ensures that data remains private when provided from private and premium data sources.
In addition, DECO simultaneously provides private and premium data over the internet and maintains its privacy and security, Chainlink said. To do this, DECO leverages cryptography and zero-knowledge evidence from servers using HTTPS / TLS, without disclosing data externally.
DECO also provides data security previously unavailable when organizations transfer data over the Internet, said Chainlink co-founder Sergey Nazarov. 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 that previously inaccessible data can be made available to existing web systems, blockchains and smart contracts, Chainlink pointed out. Additionally, professionals and DeFi organizations can use a DECO-compatible Chainlink node to:
- Provide data to blockchains and all associated DeFi protocols and smart contracts.
- Check the status of private data without disclosing information held in internal systems.
- Allow consumers to view their personal data without giving applications full access to their personal accounts.
Chainlink technology enables end users to create blockchain-based smart contracts that securely access off-chain data streams, web APIs, and traditional bank payments, the company said. It is also boosting the use of smart contracts in financial services, insurance and other highly regulated industries.