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26 September 2020

Paul Brody: Enterprises Need Third Parties For Oracles to Work - CoinDesk

Paul Brody: Enterprises Need Third Parties For Oracles to Work - CoinDesk

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And because deals on the blockchain will depend on this information, it’s absolutely critical it is trustworthy.

While many people are interested in oracles for financial services, they will also be essential for implementing enterprise smart contracts.

Current models like Chainlink start with the presumption that having multiple parties verify data is better than having a single party.

How do you know if the oracle is being truthful if there is only one source of that information.

When it comes to triggering payment, the record of delivery from the shipper can be used but, again, only that shipper really has that information, and it is not a disinterested party because it may be penalized for late deliveries or damaged goods.

If you borrow money from one account to put in another, a software engine looking at that account may conclude you have enough to cover your online tokens even when you do not.

While cryptocurrencies can indeed be trustless because they exist only on-chain, other forms of commerce require some level of trust.

Third parties that do a bad job or are caught lying will lose their business

Just like the internet, access to the network is permissionless, and while customers may prefer to buy only from companies that have an SSL certificate issued by a well known authority, users are not prevented from operating without one.

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