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 “oracle problem” or “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 Oracle. The series consists of several parts, tentatively, as follows:
Part 1: Understanding Oracle problem
We will discuss the importance as well as challenges when designing an Oracle architecture or a blockchain application using Oracle.
Part 2: Oracle architectures
We will discuss some existing architectures in the blockchain sphere.
Part 3: The AI Oracle of Oraichain
We will describe our invention of AI Oracle and its uniqueness.
Part 4: Applications of Oracle across sectors
We will discuss the existing applications of Oracle in finance, business process management, supply chain management, healthcare, AI, IoT, and cloud computing.
Part 5: Data privacy and security of Oracle
We will discuss the privacy issues of data fetched via 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 Oracles important? Can blockchain technology grow without Oracles?
RQ2: How to design an Oracle architecture?
RQ3: How is Oraichain’s AI Oracle uniquely different from other Oracles?
RQ4: How do Oracles validate the data they provide to blockchain applications?
RQ5: How do 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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