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05 March 2021

Blockchain tech will bridge the gap between DApps and enterprises

Blockchain tech will bridge the gap between DApps and enterprises


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The security to protect this data comes from an oracle solution that is able to reliably and effectively connect real-world and off-chain information with decentralized applications and smart contracts in a verifiable, manipulation-resistant manner.

This is where new technologies like data oracles are essential to create a secure link between traditional companies with reliable price feeds and the decentralized ecosystem.

Data oracles act as the bridge between decentralized blockchain applications by aggregating and connecting real-world data to smart contracts.

These decentralized applications then use smart contracts that self-execute when certain criteria are met, such as liquidating collateral, which requires a price oracle.

In the absence of a centralized authority, data oracles are essential to connect blockchain-based applications with the information required to execute these smart contracts.

If the data oracle input is incorrect, this leads to unintended behavior from the smart contract and can result in losses of funds or other undesired outcomes, as seen even in the strongest DeFi projects.

Traditional enterprises also stand to benefit greatly from this transition, as their data is a valuable resource to decentralized applications and an innovative new revenue stream ripe for market capture as the industry continues rising.

Traditional enterprises that can supply reliable real-world data must take advantage of this growing demand by connecting with decentralized applications and commercializing this data through a reliable data oracle.

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cointelegraph.com
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