Osystem There are platforms available now to enable a smart contract to get external data using an Oracle.
There are different methods used by an Oracle to write data into the blockchain depending on the type of blockchain used.
Self-Executing Code That’s Transforming Business (Part 2)
For example, in Bitcoin blockchain, an Oracle can write data to a specific transaction and a smart contract can monitor that transaction in the blockchain and read the data.
Various online services such as and are available that provide Oracle http://www.oraclize.it/ https://www.realitykeys.com/ services.
Another service at is also available, which provides external data and the ability https://smartcontract.com/ to make payments using smart contracts.
All these services aim to enable the smart contract to get the data it needs to execute and make decisions.
To prove the authenticity of the data retrieved by the Oracles from external sources, mechanisms like TLSnotary can be used which produce proof of communication between the data source and the Oracle.
This ensures that the data fed back to the smart contract is retrieved from the source.
Why This Matters for Blockchain Technology
More details about TLSnotary can be found here: https://tlsnotary.org/.
Key Points to Remember
- A generic model of an Oracle and smart contract ecosystem There are platforms available now to enable a smart contract to get external data using an Oracle.
- There are different methods used by an Oracle to write data into the blockchain depending on the type of blockchain used.
- For example, in Bitcoin blockchain, an Oracle can write data to a specific transaction and a smart contract can monitor that transaction in the blockchain and read the data.
- Various online services such as and are available that provide Oracle http://www.oraclize.it/ https://www.realitykeys.com/ services.
Conclusion
A generic model of an Oracle and smart contract ec represents one of the many innovative layers that make blockchain technology so powerful and transformative. As distributed systems continue to evolve, a solid understanding of these core concepts becomes increasingly valuable — not just for developers, but for anyone building, investing in, or working alongside blockchain-powered systems.
Whether you are just starting your blockchain journey or deepening existing expertise, mastering these fundamentals gives you the tools to think clearly about decentralized systems and make smarter decisions in this rapidly evolving space.