In this video, based on a lesson from the Blockchain Advanced Level: Uses Beyond Bitcoin course – Blockchain Institute of Technology Instructor George Levy describes what blockchain oracles are and why they are so important whenever you are dealing with smart contracts on a blockchain-based system.

Smart Contracts, also known as Smart Code or Smart Property, are computer protocols that can act as a contract.

A Smart Contract can handle autonomously the enforcement and fulfillment of a contract without needing a third party to oversee that the contract is executed.

But how can a computer program know what is happening in the physical / “Real” world?

Special offer for Blockchain Informer visitors, open a new Bitcoin wallet for Free and get $10 bonus in Bitcoin at:

https://blockchaininformer.com/btcwallet

Are you a blockchain professional? Learn about Blockchain Institute of Technology’s Certified Blockchain Professional (CBCP) certificate at https://blockchaininstituteoftechnology.com/certifications/certified-blockchain-professional/