Can blockchain transform the world? Before we can answer this question, we need to understand what this technology can and can’t do, what it is and what it isn’t. Therefore, we have to go back to basics and explore the fundamentals in order to eliminate all misconceptions about blockchain.
Anyone who has been dealing with blockchains in the business environment in recent months knows this: Smart Contracts are almost like magical problem solvers, from the automated billing of solar power and other goods deliveries, to the independent triggering of contract penalties in closely monitored areas such as the agreed maximum temperatures of a cold chain. The potential applications are versatile, and they even seem endless. But how much of it is true and how much is just hype? And above all: What is the actual technology behind it?
Blockchain-based applications have been the talk of the town for several years. It is always very easy to talk about the "decentralized revolution", and management is sure to have a number of great ideas on how you can improve your own product with a decentralized app (DApp). The fact that tangible technical issues can appear along the way is not necessarily obvious at first glance. This article therefore introduces the reader to the "oracle issue", which is the seemingly simple process of making entries in blockchain applications.