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You're reading from  Mastering Blockchain.. - Third Edition

Product typeBook
Published inAug 2020
Reading LevelBeginner
PublisherPackt
ISBN-139781839213199
Edition3rd Edition
Languages
Solidity
Tools
Blockchain
Concepts
Cryptocurrency
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Author (1)
Imran Bashir
Imran Bashir
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Imran Bashir

Imran Bashir has an M.Sc. in Information Security from Royal Holloway, University of London, and has a background in software development, solution architecture, infrastructure management, and IT service management. He is also a member of the Institute of Electrical and Electronics Engineers (IEEE) and the British Computer Society (BCS). Imran has extensive experience in both the public and financial sectors, having worked on large-scale IT projects in the public sector before moving to the financial services industry. Since then, he has worked in various technical roles for different financial companies in Europe's financial capital, London.
Read more about Imran Bashir

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Oracles

Oracles are an essential component of the smart contract and blockchain ecosystem. The limitation with smart contracts is that they cannot access external data because blockchains are closed systems without any direct access to the real world. This external data might be required to control the execution of some business logic in the smart contract; for example, the stock price of a security product that is required by the contract to release dividend payments. In such situations, oracles can be used to provide external data to smart contracts. An oracle can be defined as an interface that delivers data from an external source to smart contracts. Oracles are trusted entities that use a secure channel to transfer off-chain data to a smart contract.

The following diagram shows a generic model of an oracle and smart contract ecosystem:

Figure 10.3: A generic model of an oracle and smart contract ecosystem

Depending on the industry and use case requirements, oracles...

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Mastering Blockchain.. - Third Edition
Published in: Aug 2020Publisher: PacktISBN-13: 9781839213199
© 2020 Packt Publishing Limited All Rights Reserved

Author (1)

author image
Imran Bashir

Imran Bashir has an M.Sc. in Information Security from Royal Holloway, University of London, and has a background in software development, solution architecture, infrastructure management, and IT service management. He is also a member of the Institute of Electrical and Electronics Engineers (IEEE) and the British Computer Society (BCS). Imran has extensive experience in both the public and financial sectors, having worked on large-scale IT projects in the public sector before moving to the financial services industry. Since then, he has worked in various technical roles for different financial companies in Europe's financial capital, London.
Read more about Imran Bashir

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