An Oracle is a third-party service that provides smart contracts with external information, which allows blockchains to access the outside world.
Real-world data refer to observational data as opposed to data gathered in an experimental setting such as a Randomized Controlled Trial (RCT). They are derived from electronic health records (EHRs), claims and billing activities, product and disease registries, etc.
A decentralized oracle or decentralized oracle network is an accumulated Oracle including a group of independent blockchain oracles that provide data to a blockchain. Every independent Node or Oracle in the decentralized oracle network independently retrieves data from an off-chain source and brings it on-chain.
Before we write about Hybrid Smart Contracts, it is essential to provide a bird’s eye view of Smart Contracts. Smart Contracts are codes that exclusively support and govern blockchain transactions. These codes allow blockchains to perform a task when pre-determined conditions are met.
Although smart contracts can do simple calculations, they fail when they are complex. That is why smart contracts are clubbed with decentralized oracle networks (DONs). Hybrid Smart Contracts connect off-chain data with on-chain information.
As a result of collaboration with the decentralized Oracle network, Hybrid Smart Contracts become more agile and capable of executing more complex tasks. The Off-chain data of oracle networks make smart contracts perform more complex tasks. It frees the smart contracts that were limited by the codes on the blockchain.
However programmable blockchains and smart contracts are a big deal, they live in siloed environments and as such have very limited access to the outside world.
Here with the Bridge Oracle, external data can be easily injected into blockchain and smart contracts allowing developers to leverage the terabytes of data available on the WEB 2.0 and WEB 3.0 (Soon) to build a whole new range of useful and impactful DApps without compromising on the security.
Through the open-source Bridge Oracle project, you have easy and flexible access to a wide range of data sources, enabling you to connect to your preferred service providers and set up a customized oracle according to your needs and desires.
Bridge Oracle is a BNB Chain-based decentralized project in which many Nodes are participating in gathering data from different networks and blockchains so every company and also all individuals will be able to use the potential of smart contracts in the fastest and cheapest manner.
Being a decentralized project, Bridge Oracle has provided its codes on Bridge Oracle’s GitHub page and thus, acts as an open-source project on BNB Chain.
All the Corporations and Blockchain Companies could use Docs Instructions for developing their services to customers.
First of all, follow and subscribe to our social media accounts and pages as mentioned in the “Communities” section. Or you can just sign up for our newsletters and thus, you will be notified of every news and update right away. One of the ways to Partnership with Bridge Oracles Development is by joining Discord of Bridge Oracle and Exchanging your data with project developers.
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