ORACLES IN BLOCK CHAIN TECHNOLOGY

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Oracles in Block chain Technology

THE RISE OF ORACLES

One of the major arguments about Block chain tech is its useability in real life. How do we get this wonderful technology built on codes and smart contracts to interact with actual reality. Sounds new, yea?. Well, Oracles In Block Chain Technology is actually a thing.

In the past many have argued that the concept of crypto currency and Block chain technology in its entirety is just a big global scam. However, despite being in its early years of development, Block chain tech and crypto currencies have seen a tremendous increase in global adoption.

One of the major factors behind this rapid growth are the ORACLES.

WHAT ARE ORACLES

Just as the name implies, ORACLES are intermediaries between the human world and the land of the spirits.. yes, the spirit world where all dreams come from. Only in this case, the spirit world is the Block chain interface.

The concept is really simply, for codes and smart contracts to make any sense or have any actual use they have to be able to solve real human problems. But how does a set of computer codes get solve real human problems like poverty or housing or insurance?

Well, they can’t. Or at least until they can communicate with us directly. That’s where the ORACLEs comes in.

Since we can’t speak to these benevolent spirits (smart contracts) directly, we’d require the services of an oracle ( an intermediary we can trust to convey our messages to and from the Block chain space).

A Block chain oracle is therefore a trusted interface that helps us communicate directly with smart contracts built on top of the Block chain.

So how do they help us solve any real problem?

Block chain tech promises a lot of benefits: features like, transparency, security, and speed as well as the ability to carry out automated transaction on request by a smart contract. Now let’s look at the various ways we can utilize these features in reality.

A good example would be the use of Block chain tech to check and verify election results without dependency on human effort.

Since data written into the Block chain can not be edited or deleted, we can deploy an automated voting system that calculates the outcome of any election transparently and then relays the results back to the real world without the need for human supervision or interference. The election process will not only be safe and secure, anybody any day could look up the data and validate it as authenticatic.

This application has already become a reality as most decentralised platform are managed via transparent voting systems backed up by governance tokens.

Oracles and API relationship can also be seen in application in on-chain insurance, Gaming & betting projects to name only a few.

CHAIN LINK ORACLES & API INTEGRATION

One of the leading oracle projects is the CHAIN LINK project. Providing oracle solutions across various Blockchains for a fee in LINK token.

We’ve also seen a surge in the price of LINK token as more Blockchain developers rely on CHAIN LINK ORACLES for seamless integration with Dapps and APIs

OTHER ORACLE SERVICES

Other oracles in block chain technology services offering API interface integration and relay include Oraclize, True it, BTC relay, Gnosis etc.

Since the introduction of Oracle and API interaction, the adoption of crypto currency and onchain transactions have grown in proportion. It can only get easier from here, as we look to find more ways to make Block chain applicable in real life.

*Hints: Oracles are intermediary interface that let’s use relay real world information onto any Blockchain via the use of APIs

*APIs (application programming interface) is an application interface built to allow interaction with other applications.

Oracles take advantage of APIs in order to transfer data from a Web App or Dapp onto any Blockchain.

Wanna understand Block Chain Technology more?

Click to read: Understanding Block Chain Technology

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One thought on “ORACLES IN BLOCK CHAIN TECHNOLOGY

  1. This information is supper