What’s an oracle?
Blockchains are unable to access data outside of their network. Sometimes smart contracts need external information to function, whether that’s an exchange rate or a proof of location. Oracles are the way smart contracts access this third-party information.
Position-dependent applications include supply chain, parametric insurance, KYC/AML verification, or even consumer transactions. In the latter case, an online store might need to prove that an item has arrived at your doorstep so that the smart contract can automatically trigger a payment from your wallet.
Blockchains are unable to access data outside of their network. Sometimes smart contracts need external information to function, whether that’s an exchange rate or a proof of location. Oracles are the way smart contracts access this third-party information.
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