In blockchain, data accuracy is a key element, and oracles play a central role in this process. These external sources of information provide smart contracts with data on real-world events such as asset prices, weather, sports results, or even political changes. Oracles solve an important task — they enable the interaction of blockchain systems with the real world, expanding their functionality.
The use of oracles is critical in areas like decentralized finance (DeFi) and prediction markets. Without accurate data provided by oracles, smart contracts lose their effectiveness and can lead to financial losses. Oracles, such as Chainlink, play an important role in ensuring the security, reliability, and relevance of information, which fosters trust in blockchain technologies.
With the development of technologies, new challenges arise, such as the need to protect oracles from manipulation and falsification of data. This presents the blockchain industry with the task of creating more secure and reliable systems for working with external data sources.
