How Blockchain Oracles Can Transform Industries

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

The blockchain ecosystem has been forever changed 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 of building on smart contracts are almost endless. However, since blockchain only holds transactional data between participants, smart contracts require a constant stream of real-world information, such as stock prices or shipping locations, to monitor the status of their subjects’ terms.

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 on that information. Once a reliable connection to off-chain information is established through an oracle, it becomes possible to build any number of decentralized applications (DApps) to leverage the transparency, security, and decentralization of blockchain in real-world use cases.

A decentralized oracle for use in the real world

Web3 developers seeking to bring real-world utility to blockchain rely on oracles to tap into off-chain information. Goracle, a decentralized blockchain oracle service, aims to provide secure and reliable real world data to blockchain networks 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 take advantage of established data sources. Using the delivery tracking capabilities of the likes of FedEx or Amazon, it would be easy to ensure delivery fulfillment by bridging it with a smart contract on a delivery network blockchain for the benefit of customers.

Using real-time weather data sourced from aggregators like AccuWeather, developers can create decentralized insurance contracts for farmers in emerging markets, where traditional contracts are hard to come by. In this way, a smart contract can validate weather data when a specific temperature threshold is reached and activate an insurance policy to make payouts.

Decentralized exchanges and games can be smarter

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

In addition to the financial uses, Goracle also helps gaming platforms customize the value or appearance of their NFTs to include land, avatars, weapons, and other items with a data feed delivered to smart contracts. In addition, Goracle enables complex code execution by enabling DApps to use off-chain computation or off-chain storage. With these capabilities, DApps such as DEXs or games can significantly increase the level of decentralization.

Goracle mainnet goes live

Goracle launched its mainnet on Algorand on July 5, allowing developers to tailor data orchestration to their specific needs by defining rules and filters. Goracle mainnet hosts a decentralized governance model that allows GORA token holders and community members to actively participate in decision-making processes. The mainnet provides seamless integration with the Algorand blockchain, allowing existing Algorand-based projects to be integrated and modified without significant modification. Goracle plans to expand and deliver its services on EVM platforms in the coming quarter.

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

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

Goracle for insurance wins the hackathon

Goracle recently hosted 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 of 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 wind speeds during a natural disaster are above a certain threshold, say 75 km/h, and pay claims accordingly.

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

Second place went to Nacbotics, a decentralized sports betting app. Ducktales took third place with a gaming app that uses blockchain technology to set random game stats and OpenAI endpoints to procedurally generate game backgrounds and dialogue scripts.