Watch / Securely Connecting Smart Contracts to Off-Chain Data and Events

Securely Connecting Smart Contracts to Off-Chain Data and Events

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Securely Connecting Smart Contracts to Off-Chain Data and Events

Duration: 00:21:57

Speaker: Sergey Nazarov

Type: Talk

Expertise: Beginner

Event: Devcon 5

Date: Oct 2019

For smart contracts to achieve mass adoption, they need the ability to securely connect to external off-chain data and existing non-blockchain systems. The reliability with which smart contracts connect to key external systems determines their overall security. This critical security factor determines whether smart contracts will be used to secure the many forms of value beyond tokenization, such as prediction market outcomes, insurance payouts, trade finance, and more. In this talk, we’ll examine what makes a secure oracle mechanism reliable enough to be trusted by smart contracts for external data delivery, access web APIs, and off-chain payments. We’ll review the security risks and failure scenarios to avoid when using oracles and share how developers should set up methods to maximize success. We’ll examine how a decentralized network makes oracle mechanisms more secure, and how decentralization, combined with approaches like Trusted Execution Environments, can enable the highest level of security when connecting with external systems. Finally, we will show the design patterns which leading smart contracts use to remain reliable and provide high levels of overall security while connecting to external systems.

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About the speakers

SN

Sergey Nazarov

CEO

Sergey is the CEO of SmartContract.com and Chainlink, which specialize in providing highly secure and reliable oracles to both large enterprises (SWIFT; https://create.smartcontract.com/sibos17) and various leading smart contract development teams (Zeppelin; https://blog.zeppelinos.org/chainlink-partnership/, OpenLaw; https://medium.com/@OpenLawOfficial/openlaw-teams-with-chainlink-to-bring-real-world-info-to-smart-contracts-4e7a3dac80a8, etc…). Sergey has been building decentralized applications since 2014, initially launching Cryptamail as the first blockchain-based messaging service, then going on to build Secure Asset Exchange, which became the first widely used decentralized exchange interface.Sergey’s current goal is the creation of a thriving and diverse ecosystem of oracles, providing various off-chain data, payments and various other APIs to smart contracts for their immediate use. He’s extremely excited about the decentralization revolution currently under way, and is hopeful that the ability to securely combine smart contracts on Ethereum with off-chain data/events, will lead to a massive rise in both the volume and large scale usefulness of smart contracts.

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