How Blockchain Oracles Work: Types and Real-World Uses Explained
Blockchain oracles connect smart contracts with external data, enabling them to react to real-world events. There are three main types: inbound, outbound, and cross-chain oracles. They are used in various industries like finance, supply chain, and insurance to automate processes based on real-time data. Oracles enhance blockchain’s functionality by bridging the gap between decentralized systems and external information.
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