An oracle blockchain connects smart contracts with the outside world and feeds them with information. By using multiple sources of information, the oracle blockchain can provide decentralised knowledge. The oracle blockchain can also be used to store a variety of different types of data. Ultimately, an oracle blockchain can help smart contracts work in a more efficient manner.
As an oracle, you would verify the authenticity of information and translate it to smart contracts using cryptography. This way, you’d reduce the risk of fraud in your network. But what about when data from outside the system becomes corrupted? Besides human oracles, decentralised oracles can also be incentivised using similar game theory mechanics. They stake tokens in a network, and if they provide accurate information, they earn extra tokens. On the other hand, if they provide false data, they lose tokens. That way, the oracle network is free of collusion.
The Oracle Blockchain Platform comes with a comprehensive web user interface that provides wizards to automate many administration tasks. This includes adding organizations to the network, creating channels, deploying chaincodes, and browsing the ledger. The interface also features dashboards, ledger browsers, log viewers, and a rich query engine with Couch DB support. This support makes it easy to create and manage a network.
Oracle’s cloud-based blockchain solution also comes with the benefit of integration with existing systems of record, making it easy for developers to integrate it with existing systems. In the past, blockchain projects have required extensive consulting efforts and a large investment. Oracle’s blockchain solution, on the other hand, simplifies this process and provides a platform for developers to create sophisticated smart contracts.
