Ontology (ONT) To Develop Private Smart Contracts through Singapore-based Tech Firm

Ontology is a high-performance blockchain project and a distributed trust collaboration platform which has announced its collaboration with TEEX. TEEX is a decentralized computing platform which helps to enhance the on-chain data privacy and security of the platform.

According to an official Medium blog post:

“The cooperation between TEEX and the developers of Ontology will involve creating a secure client private key solution.”

Trusted Execution Environment (TEE) will be used to achieve this which is a black box, located within computer chips which isolates code and its associated data from other external software programs. External operating systems are not able to access the TEE. Applications which have sensitive data in them will be inside a TEE so as to prevent any hacking. A TEE allows the administrators to check whether its users are conforming to their expectations which includes not trying to achieve access to private data. The public blockchain network of Ontology will make use of the ‘TEEX Layer-2 privacy-preserving computation solution’ to design a private smart contract environment. Users of Ontology could write, issue on-chain smart contracts and maintain data security and their privacy.

TEE will also be used in Desktop (OWallet) and mobile (ONTO) client versions of the software of Ontology to protect the private keys of users by providing a safe environment which will protect them from any misconduct. This measure will provide safety to the digital assets of users. Talking about the cooperation between the development team of Ontology and TEEX, Ryan Yu, the co-founder of TEEX, said,

“Ontology focuses on public chain technology, while TEEX focuses on privacy-preserving solutions. The cooperation between TEEX and Ontology will create the world’s first high-performance MainNet with privacy-preserving computation and lay a solid foundation for blockchain implementation in the fields of AI, biomedicine, and finance.”

Xianping Mao, the dean of the Ontology Research Institute said,

“Blockchain is essentially an open system. Anyone can query blockchain data through the public interface. Smart contracts are the carriers of blockchain applications, and the security of private data involved in smart contract needs to be protected.”

Mao added,

“TEEX has a deep understanding of how to implement effective data security protection measures such as those developed by the company’s trusted computing solutions.”

Mao has also said that Ontology plans to explore blockchain technology for smart contracts through its research process conducted with TEEX.

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