What is a blockchain oracle?

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?



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