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Mastering Blockchain.. - Third Edition

You're reading from Mastering Blockchain.. - Third Edition

Product type Book

Published in Aug 2020

Publisher Packt

ISBN-13 9781839213199

Pages 816 pages

Edition 3rd Edition

Languages

Concepts

Author (1):

Imran Bashir

Table of Contents (24) Chapters

Preface

1. Blockchain 101

2. Decentralization

3. Symmetric Cryptography

4. Public Key Cryptography

5. Consensus Algorithms

6. Introducing Bitcoin

7. The Bitcoin Network and Payments

8. Bitcoin Clients and APIs

9. Alternative Coins

10. Smart Contracts

11. Ethereum 101

12. Further Ethereum

13. Ethereum Development Environment

14. Development Tools and Frameworks

15. Introducing Web3

16. Serenity

17. Hyperledger

18. Tokenization

19. Blockchain – Outside of Currencies

20. Enterprise Blockchain

21. Scalability and Other Challenges

22. Current Landscape and What's Next

23. Index

Oracles

Oracles are an essential component of the smart contract and blockchain ecosystem. The limitation with smart contracts is that they cannot access external data because blockchains are closed systems without any direct access to the real world. This external data might be required to control the execution of some business logic in the smart contract; for example, the stock price of a security product that is required by the contract to release dividend payments. In such situations, oracles can be used to provide external data to smart contracts. An oracle can be defined as an interface that delivers data from an external source to smart contracts. Oracles are trusted entities that use a secure channel to transfer off-chain data to a smart contract.

The following diagram shows a generic model of an oracle and smart contract ecosystem:

Figure 10.3: A generic model of an oracle and smart contract ecosystem

Depending on the industry and use case requirements, oracles...

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Authors (1)

Imran Bashir

Imran Bashir has an M.Sc. in Information Security from Royal Holloway, University of London, and has a background in software development, solution architecture, infrastructure management, and IT service management. He is also a member of the Institute of Electrical and Electronics Engineers (IEEE) and the British Computer Society (BCS). Imran has extensive experience in both the public and financial sectors, having worked on large-scale IT projects in the public sector before moving to the financial services industry. Since then, he has worked in various technical roles for different financial companies in Europe's financial capital, London.

See other products by Imran Bashir

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