An agent that finds and verifies real-world data and submits it to a blockchain. Oracles enable smart contracts to execute based on reliable off-chain data inputs, like asset prices, weather data, supply chain events, etc. Improves capabilities of decentralized applications.
Key properties of oracles:
- Retrieve off-chain data required by smart contracts from web APIs, IoT devices, enterprise systems, etc.
- Validate and authenticate the data to ensure accuracy.
- Securely feed the vetted data into smart contracts to trigger execution.
- Help scale smart contracts by avoiding large data storage on-chain.
- Enable real-world interconnectivity for DeFi, supply chains, insurance and more.
Leading oracle networks include Chainlink and Band Protocol which provide decentralized data feeds to blockchains.
By Martin Liguori
I have been working on IT for more than 20 years.
Engineer by profession graduated from the Catholic University of Uruguay, and I believe that teamwork is one of the most important factors in any project and/or organization. I consider having the knowledge both developing software and leading work teams and being able to achieve their autonomy.
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