Chainlink fundamentally changing Crypto with Deco acquisition - covered by Forbes

My take on Chainlink' acquisition of Deco - covered today in Forbes: https://www.forbes.com/sites/benjessel/2020/08/29/chainlinks-new-acquisition-from-cornell-university-could-transform-blockchain-for-good/#4a64db0f162b

Chainlink acquirering Deco - as announced by Sergey in yesterday's keynote - has fundamental implication on Chainlink and really all blockchain use going forward from here.

Here's why:

As you know blockchains are incapable of utilizing information which is not on that blockchain unless it uses oracle services like the services Chainlink offers. This is why Chainlink is groundbreaking in itself - it makes the many "intranets of blockchains" into an "internet of blockchain and real world data" making it possible for it all to communicate - exponentially increasing the value and usefullness of all blockchains.

However when doing so up until yesterday - when a blockchain utilizes any such data - it becomes permanently stored on the public blockchain - because that is the nature of blockchains.

What the Deco acquisition allows is for a blockchain - through Chainlink Oracles - to make use of any data confidentially - meaning records of that data will not be stored on the public blockchains using it. (!)

Why is this important you ask? Consider KYC as an example - would you want your passport to be stored on a public blockchain (assuming a DeFi application as example), would you want a compqny's financial records to be stored in case of industrial use and automated credit score checks etc.

By making it possible for blockchains to make use of any data confidentially - you suddenly enable the use of premium/sensitive data to be used in smartcontracts.

Imagine that a Smartcontracts could automaticallyvrequest a passport info from a government in the context of KYC for DeFi as example.

With the Deco acquisition - blockchain use is now ready/a huge step closer to industrial/governmental application/ mainstream banks/ big money - and I expect this to have exponential effect on DeFi uptake.

People - this is hugely bull for the whole crypto space - and connecting it all ofc. Chainlink.

And talking about competition - who will now choose another Oracle service supplier?

Booooooooooooom!!! (!)

Here's to a great Chainlink & crypto future

//JustRipples

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