Oracles

Oracles act as bridges between the decentralized and centralized space. As crucial elements of blockchain technology, oracles should be part of a developer’s software kit. For the developer’s smart contract to communicate with the real world, then oracles must be present to effect this.

Oracles may sound like a big deal, but in reality, they are software or protocols integrated into a blockchain service. As part of the smart contract, oracles can trigger automated operations in response to data collated off-chain or externally.