Blockchain Oracle

Blockchain Oracle is a crucial component in decentralized applications. It acts as a bridge between the blockchain and external data sources. Since blockchains cannot access off-chain data directly, oracles provide this vital connection. They fetch, verify, and transmit real-world information, such as market prices or weather conditions, to smart contracts. This allows contracts to execute based on real-world events. There are different types of oracles, including software, hardware, inbound, and outbound. Each serves a specific function in connecting data to the blockchain. Reliable oracles enhance the functionality and trustworthiness of decentralized systems by ensuring accurate data integration.