Unlocking the Mysteries of Blockchain Oracles

An oracle is a third-party service that allows a smart contract to retrieve data from a remote source.

Blockchain Oracles Explained

Blockchain oracles refer to third-party services that furnish external information to smart contracts. 

Understanding Blockchain Oracles With an Example

Imagine a scenario where Pramod and Umesh make a bet on the outcome of the Indian presidential election.

What Kinds of Blockchain Oracles Exist?

For instance, an oracle that retrieves data from a company's website can be classified as a centralized inbound software oracle.

The Oracle Issue

Smart contracts play a crucial role in maintaining a healthy blockchain ecosystem because they execute decisions based on data from oracles.


Ensuring global blockchain adoption requires a dependable system for smart contracts to interact with external data, highlighting the significance of blockchain oracles.