From supply chain to DeFi: How blockchain oracles can transform industries

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Decentralized blockchain oracle service Goracle provides real-world information so anyone can build better Web3 apps based on off-chain data.

The blockchain ecosystem was changed forever with the introduction of smart contracts — digital agreements between two parties that can be executed automatically based on certain conditions. From finance to supply chains, the possibilities that building upon smart contracts opens are nearly endless. However, as blockchain only holds transactional data between participants, smart contracts need a constant flow of information from the real world, like stock prices or shipment locations, to check the status of their subjects’ conditions.

This is where blockchain oracles — service networks that bridge blockchain to the outside world — come into play. Oracles provide a wide range of real-world data so that smart contracts can understand what’s going on and act upon that information. Once a reliable connection with off-chain information is established through an oracle, it becomes possible to build any number of decentralized applications (DApps) to utilize the transparency, security and decentralization of blockchain in real-world use cases.

A decentralized oracle for real-world uses

Web3 developers aiming to bring real-world utility to blockchain rely on oracles to tap into off-chain resources for information. Goracle, a decentralized blockchain oracle service, has set out to provide secure and reliable real-world data to blockchain networks in order to fuel a new era of Web3 innovation, where anyone can build and grow a business around a specific use of smart contracts.

From decentralized finance (DeFi) and supply chains to gaming and sports, Goracle enables building DApps that benefit from established data sources. Using the delivery tracking capabilities of FedEx or Amazon, for example, it would be simple to guarantee the execution of delivery by bridging it with a smart contract on a supply network blockchain for the benefit of customers.

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By utilizing real-time weather data that originates from aggregators such as AccuWeather, developers can build decentralized insurance contracts for farmers in developing markets, where traditional contracts can be hard to get. This way, when a specific temperature threshold is met, a smart contract can validate weather data and trigger an insurance policy to execute payouts.

Decentralized exchanges and games can be smarter

Adding stop-loss functionality to decentralized exchanges (DEXs) becomes simple with Goracle’s decentralized oracle architecture. The seamless access to accurate pricing information in real time is provided by Goracle, helping DEXs to add advanced functionality to their platforms. 

Besides its financial uses, Goracle also helps gaming platforms modify the value or appearance of their NFTs to include lands, avatars, weapons and other items with a data feed provided to smart contracts. Furthermore, Goracle further allows complex code execution by enabling DApps to use off-chain computation or off-chain storage. These capabilities allow DApps such as DEXs or games to increase the decentralization level significantly. 

Goracle mainnet goes live

Goracle launched its mainnet on Algorand on July 5, enabling developers to tailor the data orchestration to meet their specific needs by defining rules and filters. Goracle mainnet hosts a decentralized governance model that allows GORA tokenholders and community members to participate in decision-making processes actively. The mainnet will provide seamless integration with the Algorand blockchain, allowing existing Algorand-based projects to integrate and adapt without significant modifications. Goracle plans to expand and deliver its services on EVM platforms in the upcoming quarter.

Commenting on the mainnet launch, Goracle CEO Abdul Osman said:

“This launch empowers developers to build dynamic and secure DApps by integrating real-time data from various sources. Goracle aims to revolutionize how smart contracts interact with the world, driving innovation and fostering widespread adoption of blockchain technology.”

Goracle for insurance wins the hackathon

Goracle recently organized a hackathon to celebrate the launch of the Goracle mainnet with a prize pool of 15,000 USDC, with participants eligible for a share of 100,000 GORA, the native token of the Goracle network. The first-place winner was Go Insure, an insurance DApp that uses smart contracts to check if the windspeed during a natural disaster is above a certain threshold, for example, 75KM/h, and pays out claims accordingly.

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Goracle Hackathon presented the best real-world applications of blockchain oracles. Source: Goracle

The second place went to Nacbotics, a decentralized sports-betting app. Ducktales received third place with a gaming app that utilizes blockchain technology to set random game metrics and OpenAI endpoints to generate game backgrounds and dialogue scripts procedurally.

Learn more about Goracle

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Source: cointelegraph.com

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