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Definition: blockchain oracle


A service that queries and transfers off-chain data to smart contracts on a blockchain. Primarily used on the Ethereum network, a blockchain oracle may deliver sensor data, price feeds such as stock market quotes or some outcome (game, election, etc.). It may also provide a bridge between other blockchains as well as a IT systems in an enterprise. A "centralized" oracle queries one source of data and is less reliable than a "decentralized" service that obtains data from multiple sources. See Ethereum.




Chainlink Says It Clearly
Chainlink's home page summarizes the purpose of its decentralized oracle network. (Image courtesy of SmartContract Chainlink Ltd. SECZ, www.chain.link)