What Is a Blockchain Oracle?
Summary
If a smart contract were to source the exchange rate through a live price API, the nodes would receive different values. For example, in a supply chain, a sensor checking a ship’s arrival status can transmit the information to a hardware oracle. The hardware oracle can then relay the information to the smart contract, which can update the supply chain records across all involved parties. On-chain apps can use them to answer arbitrary queries or research and verify the information authenticity and relay their findings to smart contracts. But the most commonly used ones include: Chainlink is a decentralized oracle network that automates data transfer between a blockchain and an external system.
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