The Oracle Revolution: How Blockchain’s Most Critical Component Can Disrupt Traditional Data Flows
The adoption of blockchain technology has been slowly building momentum in various industries over the past few years. With the rise of initial coin offerings (ICOs), decentralized exchanges, and dApp development, blockchain has gone beyond its roots in cryptocurrency. A crucial element has emerged in recent times – The Oracle Network – which could possibly disrupt the very fabric of data flows within businesses and the market as a whole.
To Understand the Scope
At its most fundamental level, blockchains and oracle networks enable organizations to send or receive value units, secure payments, transfer and store records across the platform while ensuring consistency among nodes by tracking the activities conducted within an app. Each system possesses capabilities enabling specific scenarios (Figure: (source = medium: blockchain basics (https://goo.gl/XF9Cuj)), an example like voting or auctions might use some variations.
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