An oracle is a third-party service that allows a smart contract to retrieve data from a remote source.
Blockchain oracles refer to third-party services that furnish external information to smart contracts.
Imagine a scenario where Pramod and Umesh make a bet on the outcome of the Indian presidential election.
For instance, an oracle that retrieves data from a company's website can be classified as a centralized inbound software oracle.
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.