Academy
Blockchain technologies (distributed ledger technologies) has no longer limited to cryptocurrencies but reached further to real-world sectors including healthcare, finance, supply chain, real estate and more. While the entire concept of blockchain technologies resolve around the idea of decentralization and trustless transactions, blockchain applications beyond cryptocurrencies demand data from real world. Therefore, the subject of blockchain oracles, which are used to fetch data to blockchain networks, is critical and of special importance. This subject can be undermined when blockchain oracles rely on centralized or trusted third parties. This issue is known as the “blockchain oracle problem” or “blockchain oracle paradox” and may be the heel of Achilles of any decentralized designs for blockchain applications.
Oraichain Labs would like to discuss the subject of Blockchain Oracle in a series of research articles and introduce our unique design of AI blockchain oracle. The series consists of several parts, tentatively, as follows:
Part 1: Understanding blockchain oracle problem
We will discuss the importance as well as challenges when designing an blockchain oracle architecture or a blockchain application using blockchain oracle.
Part 2: Blockchain oracle architectures
We will discuss some existing architectures in the blockchain sphere.
Part 3: The AI blockchain oracle of Oraichain
We will describe our invention of AI blockchain oracle and its uniqueness.
Part 4: Applications of blockchain oracle across sectors
We will discuss the existing applications of blockchain oracle in finance, business process management, supply chain management, healthcare, AI, IoT, and cloud computing.
Part 5: Data privacy and security of blockchain oracle
We will discuss the privacy issues of data fetched via blockchain oracle and how Oraichain provides solutions for such issues. Some security issues will also be addressed.
Through this series, we hope you would find the answers to these important research questions (RQs):
RQ1: Why are blockchain oracles important? Can blockchain technology grow without blockchain oracles?
RQ2: How to design an blockchain oracle architecture?
RQ3: How is Oraichain’s AI blockchain oracle uniquely different from other blockchain oracles?
RQ4: How do blockchain oracles validate the data they provide to blockchain applications?
RQ5: How do blockchain oracles protect data privacy and be compliant with data protection law like General Data Protection Regulation (GDPR)?
Let yourself exercise with these questions before go ahead with each article in the series!
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