Steemit Crypto Academy Contest / Season 8 Week 4 - Blockchain Oracles

Hello Friends,

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(Design and edited on canvas)

I'm so excited in my entry of this contest, how are you all, how is your family and I hope everything is fine, I'm here to participate in this contest but before I proceed I will like to appreciate SteemitCryptoAcademy for organizing this interesting, unique and wonderful contest that base on Blockchain Oracles. so stay tuned and enjoy my article, without any further ado let's get started.

INTRODUCTION

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Blockchain Oracles are the future of digital trust and will play a crucial role in helping secure the future of the internet. They are the intermediaries of the digital world and are designed to link together different networks and smart contract to retrieve information from offchain sources and supply them to smart contracts They help bring transparency and trust to these off-chain transactions by allowing data from outside source to be brought onto the blockchain and thus create trust less systems that do need human meditation to settle transactions. By utilizing oracles these transactions can become much faster more reliable and secure leading to better accuracy and verification of off-chain data.

Do you know what Blockchain Oracles are? We want to know your opinion.

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Yes, I do know what blockchains oracles are. Blockchain oracles are programs that allow smart contracts to connect with external sources of data and provide data needed to execute and determine the term of a contract. Blockchain oracles allow for data inputs from offchain sources to be used for smart contract and other functions in a decentralized environment. They are great as they provide a reliable trustless source of information for smart contracts that is highly secure and resilient I have just begun exploring Blockchain oracles and their potential to enable trust between smart contracts and data sources. I believe that Blockchain oracles could have many potential applications in industries like banking, insurance and logistics to name a few.

In these my opinion, Blockchain oracles can also offer a novel way of introducing trust between smart contracts and data sources making them a highly desirable technology to help drive the digital economy. Moreover these Blockchain oracles could be used to quickly and securely connect disparate systems without having to trustthird party or centralized systems lastly, Blockchain oracles could create a reliable data infrastructure for various sectors to depend on. On Blockchain oracles is that they have a tremendous potential to help us facilities more sophisticated and raliable smart contracts They provide a secure and efficient way to gain access to offchain resources without compromising on the integrity of the transactions or data that is shared. I believe that Blockchain oracles are important component of larger decentralized and trustless financial system that is being built with Blockchain technology.

What are the types of Oracles?

The types of Blockchain oracles are:

  • Autonomous Oracles: Autonomous Oracles are an emerging form of technology that is revolutionizing the way in which Blockchain based smart contracts can interact with the real world. Autonomous Oracles act as independent intermediaries between networks and the outside world enabling real-world data to be transferred into the digital world and enabling secure, transparent, and trustless interactions. By eliminating the need for human interaction, autonomous oracles provide reliable and efficient mechanisms for smart contract-based applications to interface with real-world resources offering a new world of opportunities for developer to build groundbreaking dApps.

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  • Network Oracles: These are computer program that can validate data from external sources and report it back to the network or Blockchain. They are particularly useful in Blockchain networks, as they enable secure and efficient communication between multiple systems. Network oracles allow users to verify information before taking action such as executing a transection. They provide users with secure access to external data allowing them to stay up-to-date with the latest information in a trustless environment
    With network Oracles users can be sure that the data they receive is valid and can be relied upon when making important decisions.

  • DecentralizedOracles: Decentralized oracles are an innovative type of technology that act as a bridge between the real world and Blockchain networks. These oracles enable secure communication between real world event and smart contracts on the blockchain. The decentralized nature of these oracles provides increase security, trustworthiness, and verifiability. As the world moves towards the decentralized future, decentralized Oracles are becoming increasingly important to ensure seamless integration between the real world and Blockchain based applications.

  • Contract Oracles: These oracles are smart contract that enable the use of external data in decentralized systems. They provide a reliable connection between Blockchain technology and external resources like web APls and offchain data sources. Contracts oracles are an essential part of making smart contracts smarter by allowing them to interact with real world information and external resources giving them a much more practical purpose and usuage in real life scenarios
    These oracles enable smart contracts to perform specific tasks by securely and reliably gathering and delivering data from the outside world making them truly smart.

  • Offline oracles: Offline oracles are a form of data gathering used by Blockchain networks to access external data and transfer it onto Blockchain. These oracles are critical to the process of data analysis, smart contracts and building decentralized applications as they help to establish a connection between the real world and the blockchain
    They can also be used to monitor external events trigger action and validate contracts. The use of oracles helps to increase trust and reliability when working with real world data and help ensure the safety of data transfers.

  • Secure Oracle Nodes: These are decentralized computing networks build on the Ethereum Blockchain. These networks are used to store and share information in a secure decentralized manner. Secure oracles Nodes are used to validate information that is shared between two parties without any Central point of control or third party verification. By leveraging a Blockchain based infrastructure secure Oracle Nodes Provides users with data that is reliable, private and secure. In additionally, these node are used to manage distributed ledgers and create and manage smart contracts making them a powerful tool for many applications.

What do you think about decentralized Oracles?

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I think decentralized oracles are really revolutionary. They have the potential to provide a way for decentralized applications to interact with real-world data in a trustless and secure way. it is an incredibly way to bring real world information into a Blockchain application without any of the worries associated with traditional oracles, like trust and security With Decentralized Oracles there is noneed to trust a single source as the date can come from many different sources and can be authenticated through cryptographic methods. This has huge potential for transforming how we interact with data on the blockchain

And I also think decentralized oracles have a lot of potential through having different independent source of data that can be verifiedit eliminates the need to more secure and accurate decision making. this can be beneficial for all types of businesses as it makes it easier for people to rely on more reliable sources when it comes to things like predictive analytics risk assessment and pricing models. And by so doing I think this could revolutionize the way data is used and process safer and more reliable.

Finally, emphasizing about decentralized oracles I think it have a great potential to revolutionize the way we access data. with their use data can be securely and quickly transmitted in a completely transparent and immutable manner. moreover, their use can help ensure that the data we use is trustworthy and accurat. this could provide great value to both businesses and individuals alike.

Give us a use case of a decentralized Oracle.

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A Decentralized Oracles can be used in the context of smart contracts in a Blockchain environment. For example, in the agricultural industry a decentralized Oracles could be used to automate the pricing and purchasing of crops on a decentralized exchange. This would allow for real-time update of the market price of a certain crop and for automated purchase /sale of the crop at that market price. This eliminates the need for manual input farmer purchaser and brokers, saving them time and money, while increasing the speed and efficiency of crop trade.

A Decentralized Oracles could be also used to determine whether a user has complied with certain requirements in a contract. For example an energy producer and an energy consumer may have a contract specifying that the consumer will buy energy for a certain price. A decentralized Oracles could monitor data from the energy market and assess whether the producer is providing the contractedfor energy at the contracted for price. The oracle would send this assessment to both the producer and consumer and either could initiate action if they felt that the other had breached the terms of the agreement.

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Finally, A decentralized oracles could be used to access accurate and reliable data to power applications in the context of supply chain logistics. By utilizing a Decentralized Oracles companies in the supply chain industry could reduce their reliance on manual data collection and reduce their cost of data verification
moreover, they would have access to more reliable data and the assurance that the data is updated in real-time with no central point of failure. By having access to timely and accurate data companies can reduce operational inefficiencies and make more informed decision when it comes to running their supply chains.

Conclusion

The future of Blockchain Oracles looks incredibly promising as they will help bridge the gap between the world of offchain and onchain data. They can allow real world data to interact with the world of Blockchains in ways never through possible before. by combining secure technologies, increased transparency and an incredibly reliable source of data, blockchain oracles are setting the foundation for trustless systems and advanced automated within various industries. Blockchain Oracles can create unprecedented possiblities and their potential use-cases and applications will continue to expand over time.

I will like to visit @beautiful12, @habdallah and @elrazi to join me participate in this contest.

Thanks you very much for reading through my post I really appreciate

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Dear friend @goodness2 first of all thanks for taking part in the contest and you shared your search and thoughts about blockchain oracles with us and i really appreciate your work.It's very good that blockchain oracles are the future of trust wallet and will also play an important role i future to secure the internet.As you mentioned you don't know about blockchain oracles and then after your research you explained that blockchain oracles is a bridge between the smart contracts and the external data from the outside of the blockchain and I'm totally agree with your answer and you also shared your thoughts that blockchain oracles is way of trust between the smart contracts and the providing data by the different sources to the blockchain.

you explained very well about the types of blockchain oracles and the first type is autonomous oracles and these are the oracles that help blockchain smart contracts with the real world and then you mentioned the second type of blockchain oracles network oracles and these are computer programmed and you explained each type of blockchain oracles very clear and simple.You shared your thoughts about decenterlizied oracles and these oracles are really revolutionary and these oracles has the potential to provide the secure data to the smart contracts in blockchain.Also decentralized oracles has some proper sources that they get the real data for the blockchain and they have also potential to access the data.

You explained good about the use case of decentralized oracles and the first use case is that they can be used in context of smart contracts and they can be also used to determine the requirements in the smart contract.Overall your blog is really informative and got so much information and i wish you good luck for the contest.

Thank you, friend!
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 last year (edited)

I completely agree with your description of decentralized blockchain oracles as a potential tool to enhance security besides providing real-time access to the external world. They foster an environment of interoperability between the blockchains and the external world.

Oraclechain oracles have found diverse use cases in real life like data entry, healthcare, finance, weather forecast, polls, etc.

These oracles make use ose of different mechanisms like smart contracts, and multiple source data collection to enhance the security and reliability of data.

Besides the primary benefit like security and reliability, oracles also offer secondary gains like saving time and some field-specific advantages like accurate property valuation in real estate industry, quality enhancement in the healthcare industry, etc.

It is not only that decentralization oracles offer potential advantages, centralised oracles, inbound and outbound oracles also have their specialty. However, security issues remain with centralized oracle.

Good luck

Hello @drqamu,

Unfortunately, your whole comment is generated from ChatGPT. Please, stop doing this type of practices. I have already noticed some of your comments and they were also generated from the AI content generator.

There are some results that I have obtained from different GPT detectors.

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DetectorDetectorDetector

Try be be creative and unique in your content. Even, the comments from AI content generators are not accepted at any cost. This type of engagement is not valid.

This is your first and last warning. Next time, you will have to face strict action from the team.


Cc:

@steemcurator01, @steemcurator02, @kouba01, @pelon53, @chiabertrand, @chant (sc08)

Yes you have said it all.

Thank you very much for your compliment
I really appreciate.

Great post! You have provided a comprehensive and easy to understand explanation of blockchain oracles. Your examples & illustrations make the concept more accessible to those who may not be familiar with the technical jargon of blockchain technology . It's evident that you have done your research and put in a lot of effort into creating this informative post. Your writing style is engaging, and I appreciate the way you have organized your thoughts.

Yes I really took my time to organize the article.

Thank you very much I appreciate your compliment.

 last year 

Great @goodness2 I've been thinking a lot about Blockchain Oracles lately and must say, it's an incredibly fascinating concept! They sound so promising, with their ability to securely integrate real-world data into the digital world. It's inspiring how this technology could revolutionize the way we interact between systems and create trustless environments for smart contracts.

The use cases for decentralized oracles are particularly interesting. From accelerating crop trades or verifying contracts, to providing more accurate logistical data for supply chain management— the possibilities are truly endless. The level of security and transparency that comes with this technology is crucial in today's world, where trust can be hard to come by. With blockchain oracles, these worries become fewer.

Overall, I'm excited to see where Blockchain Oracles will take us in the near future. I believe they have tremendous potential to help shape the digital world and build a more reliable, secure and efficient landscape for transactions and services.... let's get to work exploring its possibilities!

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