What is a blockchain Oracle?

Blockchain oracles are entities that connect blockchains to external systems, thereby enabling smart contracts to execute based upon inputs and outputs from the real world. Oracles provide a way for the decentralized Web3 ecosystem to access existing data sources, legacy systems, and advanced computations.

What is a cross-chain oracle?

Cross-chain oracles enable interoperability for moving both data and assets between blockchains, such as using data on one blockchain to trigger an action on another or bridging assets cross-chain so they can be used outside the native blockchain they were issued on.

What is blockchain & how does it work?

What is Blockchain? Blockchain is defined as a ledger of decentralized data that is securely shared. Blockchain technology enables a collective group of select participants to share data. With blockchain cloud services, transactional data from multiple sources can be easily collected, integrated, and shared.

Can blockchains access data outside their network?

Blockchains cannot access data outside their network. An oracle is a data feed – provided by third party service – designed for use in smart contracts on the blockchain. Oracles provide external data and trigger smart contract executions when pre-defined conditions meet.