A naukri.com initiative
TheNewsCrypto
1M
247
Blockchain Oracles Bring Real-World Data On-Chain To Fuel Automation in DeFi, Insurance, Gaming & More
- Blockchains face limitations in accessing real-world data, hindering wider adoption for applications beyond cryptocurrency.
- Blockchain oracles act as intermediaries, providing access to external data sources for blockchains to execute smart contracts.
- Oracles retrieve data from sources like API calls, IoT sensors, and web scraping, verify its accuracy, and transmit it to blockchains for use.
- They are crucial for decentralized finance (DeFi), enabling cross-chain transactions, price feeds, and lending protocols.
- Oracles fuel tokenization of real-world assets and support AI agents in DeFi for automated trading and yield farming.
- Future applications of oracles include supply chain management, insurance automation, NFTs, and gaming industries.
- Supply chains benefit from oracles for transparency, traceability, regulatory compliance, and inventory management.
- Decentralized insurance uses oracles for real-time data on weather, crop yields, and flight delays to automate claim verification and payouts.
- Blockchain-based games like Sorare utilize oracles to update player-based NFTs with real-world sports data.
- Overall, data oracles enhance blockchain automation, enabling more efficient and dynamic applications across various industries.
Read Full Article
14 Likes
For uninterrupted reading, download the app