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What is blockchain oracles and how does it work

What is Blockchain oracles

  Blockchain oracles are a game-changing component in the world of decentralized technology. They play a crucial role in bridging the gap between the blockchain and the real world, providing critical information to smart contracts and enabling them to execute automatically based on real-world events.


Unlike traditional data sources, blockchain oracles are decentralized, meaning they are not controlled by any central authority. This ensures that the information they provide is impartial and tamper-proof, providing a level of trust that is difficult to achieve through traditional data sources. Additionally, blockchain oracles can be used to access external systems, such as APIs, and databases, which opens up a wealth of opportunities for decentralized applications.


One of the key advantages of blockchain oracles is their ability to provide real-time information to smart contracts. For example, a smart contract that is used for supply chain management can use an oracle to access real-time data about inventory levels, allowing it to automatically trigger a purchase order when stock levels drop below a certain threshold

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