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31st May 2022

31st May 2022

What are blockchain oracles?

Blockchain oracles, also called blockchain middleware, are services that connect blockchains to external (off-chain) third-party clients and services. Oracles act as intermediaries between blockchains and external data sources by providing avenues for exchange between blockchains and third-party services and vice-versa. On smart contract blockchains, hybrid smart contracts (smart contracts that use oracles) use decentralized oracle networks (DONs) which examine, verify, and validate resources from external services for use on blockchains. Blockchains, by design, do not have data, as they are mere data structures and often need data from external sources to function — the data from the external source must […]

20th April 2021

Blockchain Technology: What Is it and How Does It Work?

What is Blockchain Technology? Transactional records are stored in the Blockchain technology which is known as the term “blocks”, of the public in multiple databases, which are known as “chains”. They are connected in a network through peer-to-peer nodes. “Digital ledger” is what this storage is typically referred to. Each transaction is authorized by a digital signature from the owner, which safeguards and authenticates the transaction from tampering. So the information that the “digital ledger” contains is very secure. Simply put, the digital ledger is just like a Google Spreadsheet that is shared with several computers in a network, where […]