What are smart oracles ?

Assalamualaikum steemians

Greetings to you all!

Smart oracle is my today topic to share with all of you so I am giving my 100% in this post according to my knowledge.

I am talking about smart Oracle regarding blockchain technology so it is defined as any source of external data which is trusted and that could be integrated at blockchain and is a great way of providing most reliable and most verifiable information.

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Smart Oracle is very meaningful and purposeful in blockchain for making it more precise and integral in terms of securing data. By the connection of blockchain or network to external trusted sources of data like API or other sensors smart oracles play their role in showing their interaction with real world event also which is another great thing about it.

There are different things in which smart oracles are applied and they are still implemented and his are most specifically different blockchain applications if I given example then you can say that these are applications like supply chain management decentralised prediction markets which are allowing blockchains to approach real time data and on the basis of data they can also make some inform the decisions as their best future strategies according to their own understanding.

Design of small oracles and implementation of small oracles needs a lot of care for giving security reliability and transparency of a particular network or blockchain so there are different particular approaches different blockchains have for building but underlying goal and major purpose is similar for everyone which is to provide tamper proof data or information to blockchain.

For having an understanding of this topic in detail it is important to considered an example so you can think that there is a decentralized prediction market at blockchain in which users have bet with each other on the results of a event and you can say that it is a sports event suppose. You can suppose that there was a basketball game in between two teams which was team A and team B and users want to maintain a competition depending upon the total points that they have scored in the game.

For the development of more secure and reliable ecosystem at blockchain and form maintaining reliability of data we can use here and implement here concept of smart Oracle which can be very useful for note down real time score of game from any other source which is external but trusted like you can say that it is sports API so here smart Oracle would play it's role by continuously monitoring games and updates in the blockchain with current score.

With the passage of time and progression of games users are able to track the scores and blockchain and they would set their bet according to it and at end of game final score would be retrieve by smart Oracle and depending on the outcome bet would set automatically.

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Now here you can understand that how by the implementation of smart Oracle prediction market trust on accuracy of the game score which eradicate requirement for any verification through manual work so when transparency of over all blockchain combine with liability of smart oracle then it provides much tamper proof prediction market.

Now these are my ending words I must want to say that it was my full effort to explain my topic to all of you image I have written about basic concepts of my topic smart oracle and then I tried my best to explain its applications and and imaginary example which was the demonstration of smart Oracle providing real time data for allowing more decentralization at blockchain so that it may work with more efficiency.

Have a blessed day