What Are Blockchain Oracles, And Why Are They Important?
Image Source: Freepik Oracles, prophets, seers, and sibyls are entities that relay information between the mythical realm to the real world. Similarly, blockchain oracles play a vital role in relaying real-time data from the real world to the blockchain realm. In this article, we’ll introduce you to the fundamentals of blockchain oracles, why they matter, and other crucial information. Let’s begin. Blockchain oracles explained A blockchain oracle is a piece of software that is used to connect a blockchain with the outside world. In other words, it allows data to be transferred between the blockchain and external systems, which is important to allow the blockchain to interact with real-world data and events. Third-party service providers usually provide blockchain oracles, but a handful of open-source options are also available. Oracles can be used for various purposes, such as price discovery, event verification, smart contract execution, etc. The foremost aspect to know about blockc