Securely Connecting Smart Contracts to Off-Chain Data and Events by Sergey Nazarov (Devcon5)
Fri, Oct 2, 2020, 12:00 AM
Visit the https://archive.devcon.org/ to gain access to the entire library of Devcon talks with the ease of filtering, playlists, personalized suggestions, decentralized access on IPFS and more. https://archive.devcon.org/archive/watch/5/securely-connecting-smart-contracts-to-off-chain-data-and-events 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. Speaker(s): Sergey Nazarov Skill level: Beginner Track: Security Keywords: chainlink, off-chain, general Follow us: https://twitter.com/efdevcon, https://twitter.com/ethereum Learn more about devcon: https://www.devcon.org/ Learn more about ethereum: https://ethereum.org/ Devcon is the Ethereum conference for developers, researchers, thinkers, and makers. Devcon 5 was held in Osaka, Japan on Oct 8 - 11, 2019. Devcon is organized and presented by the Ethereum Foundation, with the support of our sponsors. To find out more, please visit https://ethereum.foundation/