What is Oracle and why it is so important?
Since Oracle is the only way for smart contracts to interact with data outside of the Blockchain environment, it performs core functions and plays an indispensable role in cryptocurrency and Blockchain industry. Generally speaking, Oracle is a third-party agent that finds and verifies real-world occurrences and submits this information to a blockchain to be used by smart contracts.
The Oracle might be considered as a data feed specially designed for use in smart contracts. It provides the necessary data to trigger smart contracts to execute when the original terms of the contract are met. These conditions could be anything associated with the smart contract – temperature, payment completion, price changes, etc.
Technological revolution and Blockchain
There are no doubts, which we are now standing on the threshold of big changes. The blockchain is considered to be the main driver of them. The implementation of distributed ledger technology will bring us closer to the creation of such things as the Internet of Things, Web 3.0, Decentralized applications and organizations and new business models and solutions. All these changes will revolutionize our vision of modern businesses, internet, and technologies.
The blockchain is developing at exponential paces covering more and more companies, countries, and business spheres all over the world. Thus, for example, according to IBM report, 15% of banks worldwide expect to widely implement Blockchain within this year. Also, IBM says that in four years 66% percent of banks expect to have Blockchain in commercial production and at scale. There are also another arguments in favor of blockchain revolution. For instance, the smart-contracts market is skyrocketed in recent years with the growth in some contacts from 123.000 in 2016 to 5.400.000 in 2018. And this is only the beginning.
The problems that businesses face when moving into the blockchain. However, the implementation of blockchain is not as easy as it might seem. First of all, businesses simply can not integrate their existing data with the blockchain. They also like Decentralized applications (dApp) need an interface to communicate with real-world data. The reason for this is that there is a fundamental difference of formats. To solve this issue, different types of Oracles appeared. With the help of Oracles, smart contracts receive real-world applications in virtually every field available. Once data hits the Blockchain, the information can be used to execute the contracts and provide use cases, which can disrupt industries across the board.
The main issues that businesses face during blockchain implementations are:
⧫ Deficiency of specialists and ready-made solutions for blockchain implementation – makes the process of blockchain developments extremely costly and strongly inhibit the blockchain wider implementation.
⧫ Lack of standardized blockchain solutions for cooperation and interaction between businesses – makes it impossible to build a system of ratings and interactions between different oracles or data sources on a global scale.
⧫ Absence of a mechanism for resolving disputes – undermine the democratized trust created by blockchain technology and hinder its broadening evolution and applicability.
DUCATUR – Common solution for all Oracle’s problems
The DUCATUR has all opportunities to become a universal solution for future blockchain implementation and help a lot of businesses to step into a new technological era. We provide the first Multi Chain Oracle framework that will become a universal instrument for blockchain implementation for companies and organizations.
The DUCATUR network provides highly standardized ready-made solutions for companies and realizes it’s own disputes resolving mechanism named decentralized court that will monitor the operation.
Here in DUCATUR, we are highly concerned about the current market situation and therefore – we would like to make the access for companies to blockchain easier by creating a universal framework with blockchain solutions that can be simply implemented by any company.
Company Name: Ducatur Limited
Company Size: 20
Company Contact Website: ducatur.com