Kriptomat
Prices
  • Live crypto prices
  • All Prices Over 300+ cryptocurrencies
  • Gainers & Losers Find investing opportunities
  • Recently Added Newly added tokens to Kriptomat
  • What if I bought 100 € worth of... ...today it would be worth
Learn
Products
  • Build Portfolio
  • Buy and Sell crypto Buy 300+ cryptocurrencies
  • Exchange Crypto Over 1,000 pair options
  • Intelligent Portfolios Smart way to invest in crypto
  • Kriptomat Wallet A secure and simple crypto wallet
  • Investment Explorer Find your crypto strategy
  • TRACK AND ACT
  • Price Alerts Real-time price updates for your favorite tokens
  • Explore Assets Discover investment opportunities
  • Portfolio Analytics Smart insights for optimal performance
  • GROW PORTFOLIO
  • KriptoEarn Earn rewards on your crypto
  • Vault Save crypto for your future
  • Recurring Buy Regularly scheduled investments (DCA)
  • DeFi and Web3
  • Decentralized Exchange (DEX) Buy & swap hundreds of tokens from DEXs
  • Web3 Wallet Buy, collect Crypto and NFTs with WalletConnect support
  • Web3 Gaming Wallet Playing Web3 games has never been more simple!
  • Web3 Directory Explore Kriptomat user’s favourite dApps
Language
Currency
  • Deutsch
  • Eesti
  • English
  • Español
  • Français
  • Hrvatski
  • Italiano
  • Latviešu
  • Lietuviškai
  • Magyar
  • Polski
  • Português
  • Română
  • Slovenčina
  • Slovenščina
  • Srpski
  • Svenska
  • Türkçe
  • Čeština
  • Ελληνικά
  • Български
  • € EUR
  • $ USD
  • £ GBP
  • лв. BGN
  • Kč CZK
  • ft HUF
  • zł PLN
  • kr SEK
  • ₺ TRY
  • fr. CHF
  • kr NOK
  • L RON
  • kr. DKK
Login login_button Register Get Started
/
No results

Try adjusting your search

Login Get started English / Eur
Language
  • Deutsch
  • Eesti
  • English
  • Español
  • Français
  • Hrvatski
  • Italiano
  • Latviešu
  • Lietuviškai
  • Magyar
  • Polski
  • Português
  • Română
  • Slovenčina
  • Slovenščina
  • Srpski
  • Svenska
  • Türkçe
  • Čeština
  • Ελληνικά
  • Български
Currency
  • € EUR
  • $ USD
  • £ GBP
  • лв. BGN
  • Kč CZK
  • ft HUF
  • zł PLN
  • kr SEK
  • ₺ TRY
  • fr. CHF
  • kr NOK
  • L RON
  • kr. DKK
Blockchain|Real-World Blockchains

What Is a Blockchain Oracle?

what is a blockchain oracle?

Oracles were invented to address a serious limitation of blockchain-based applications.

Suppose you wanted to trigger crypto sales and purchases based on changes in the price of gold or the Standard & Poor 500. The smart contract for such an application would be simple to write except for one thing: The prices of gold and the S&P 500 are not on the blockchain. Your app has no way to access or verify those prices.

Or suppose you wanted to convert fiat currency into crypto funds or vice versa based on the results of an election. How does your smart contract know who won the election? How can you be sure the results are reported accurately, not manipulated for someone else’s benefit?

That’s where the blockchain oracle comes in. What is an oracle in the blockchain world? It’s a protocol or service for transferring verified, reliable information to the blockchain so it can be used in applications. Consider the oracle a blockchain cloud service that provides feeds of reliable current data. Oracles bridge the gap between the outside world and the blockchain that hosts decentralized financial applications and crypto transactions. Without an oracle, blockchain apps have no way of interacting with off-chain data.


For example, an oracle might gather real-time stock prices from the New York Stock Exchange and make the data available to smart contracts.

Oracles typically use consensus mechanisms for verifying data sources. At Chainlink, for example, validator nodes stake the oracle’s LINK token to obtain data contracts and validate off-chain information. It is analogous to the Proof of Stake consensus mechanism that blockchains use to validate transactions.

In addition to institutional data streams, oracles can import data from hardware devices such as anti-tampering sensors or thermometers. A DeFi application that monitors grocery supply chains might use an oracle to import data from barcode scanners, for instance.

Among the crypto world’s leading services and platforms that meet the oracle definition are Chainlink, Band Protocol, Bridge, Oracle, Next Protocol, Tellor, DIA Association, Dos Network, and JustLink.

There you have it: oracle and blockchain explained in plain language. Now you see why oracles are not just a good idea, but essential elements in the over-widening range of applications for blockchain technology.

NOTE

This text is informative in nature and should not be considered an investment recommendation. It does not express the personal opinion of the author or service. Any investment or trading is risky, and past returns are not a guarantee of future returns. Risk only assets that you are willing to lose.

Blockchain Nuts & Bolts
What Is Blockchain Technology and How Does It Work?
What Is a Private Key?
What Is a Blockchain Wallet and How Does It Work?
A Brief History of Blockchain Technology That Everyone Should Read
What Is the Difference Between Cryptocurrency and Blockchain?
Putting Blockchains to Work
What Is a Smart Contract?
How To Invest in Blockchain Technology Stocks
The Most Popular Blockchain Networks
An Essential Blockchain Security Guide
Pros and Cons of Blockchain Technology
Real-World Blockchains
Blockchain-Enabled Identity Management
What Is a Blockchain Oracle?
What Is the Metaverse and Why Should Anyone Care?
Today’s Best Real-World Blockchain Use Cases
What Is the Future of the Blockchain Revolution?
Related articles
the most popular blockchain networks
The Most Popular Blockchain Networks
Every modern cryptocurrency is hosted by a blockchain network. Currencies like Bitcoin, Ether, and Dogecoin have their own blockchains, while other currencies run on existing blockchains. Here’s a guide to the market’s top blockchain networks.
what is blockchain technology and how does it work?
What Is Blockchain Technology and How Does It Work?
Blockchains serve as the foundation of modern cryptocurrencies, but they are capable of doing much more. Here’s a peek behind the curtains at how blockchain databases work and the real-world problems they are solving.
what is a smart contract?
What Is a Smart Contract?
Smart contracts are neither contracts nor particularly smart. They're just simple programs that are stored on the blockchain. Smart contracts are key to the development of decentralized applications based on cryptocurrencies.

Manage your portfolio –
wherever you are

Use the website or download our safe and secure mobile app today.

Get started Download the app
Kriptomat - Crypto but simple
  • €EUR
    • €EUR
    • $USD
    • лв.BGN
    • KčCZK
    • ftHUF
    • złPLN
    • krSEK
    • ₺TRY
    • fr.CHF
    • krNOK
    • LRON
    • kr.DKK
  • English
    • Deutsch
    • Eesti
    • English
    • Español
    • Français
    • Hrvatski
    • Italiano
    • Latviešu
    • Lietuviškai
    • Magyar
    • Polski
    • Português
    • Română
    • Slovenčina
    • Slovenščina
    • Srpski
    • Svenska
    • Türkçe
    • Čeština
    • Ελληνικά
    • Български

Company

  • About
  • Blog
  • Careers
  • Impressum
  • Contact
  • Legal & Security
  • Fraud prevention

Businesses

  • Corporate accounts
  • Kriptomat Whitelabel
  • Kriptomat GameFi

RESOURCES

  • Help Centre
  • System Status
  • Complaints
  • FAQ
  • Live Crypto Prices
  • Live Bitcoin Price
  • Live Ethereum Price
  • Live Solana Price
  • How To Buy Bitcoin (BTC)
  • How To Buy Ethereum (ETH)
  • How To Buy Solana (SOL)

OTHER

  • Ambassador program
  • Affiliate Program
  • Referral Program
  • Bug Bounty
  • Fees and Limits
  • Supported Countries
  • Supported Actions
  • Sitemap
Kriptomat on X Kriptomat on TikTok Kriptomat on youtube Kriptomat on linkedin
certification
certification
iso 9001:2015
iso 9001:2015
certification iso - 27001
iso 37001:2015
iso 37301:2015
Kriptomat © 2025
Choose your platform
Kriptomat IOS appIOS Kriptomat Andodid appAndroid
Scan the QR code to download the app
The easiest way to buy Bitcoin, Ethereum, Shiba Inu and %s+ cryptocurrencies with different payment methods.