Blockchain oracles are third-party services that provide smart contracts with external information. They serve as bridges between blockchains and the outside world. Blockchains and smart contracts cannot access off-chain data (data that is outside of the network). However, for many contractual agreements, it is vital to have relevant information from the outside world to execute the agreement.

Blockchain oracles provide a link between off-chain and on-chain data. Oracles are vital within the blockchain ecosystem because they broaden the scope in which smart contracts can operate. Without blockchain oracles, smart contracts would have very limited use as they would only have access to data from within their networks.

Chainlink solves the “Oracle Problem” which simply put is the fact it is difficult to get data into decentralized blockchains in a non-centralized way. This is perhaps the most important problem in blockchain. Without a secure and reliable way to get data into Smart Contracts running on blockchains, the security and reliability of the blockchain and thus the advantage of the entire system is lost.

Number of projects that have been adopted and integrated into oracles has been growing rapidly recently. Blockstack is not lagging behind and has just signed a partnership with Chainlink which has become the oracle service provider for Stacks 2.0 network that is built with Clarity to bring smart contracts to Bitcoin. 

Developers will benefit from the following capabilities once the integration goes live:

• Access to Any API: Developers can use Chainlink to access any off-chain API, including access to premium, password-protected data, and credentialed enterprise systems
• Secure Network Infrastructure: Blockstack applications can get highly available, manipulation resistant oracle services using Chainlink’s large collection of independent, Sybil resistant nodes and aggregating their responses in decentralized oracle designs
• Flexible Oracle Framework: Chainlink is highly generalized, providing ready-made oracle solutions in production for market prices and verifiable randomness, as well as tools to build completely customized oracle designs and innovative privacy-preserving oracle technologies like DECO and Town Crier currently in the works

The DeFi market and global assets will be open to Bitcoin, through a highly secure, stable and decentralized ecosystem that can revolutionize the blockchain technologies known to us.

If you are looking for more interesting information about cryptocurrency projects and blockchain technology. Visit my decentralized website: strefa.crypto