Blockchain and distributed ledger technologies facilitate reliable exchange between unfamiliar parties without the need for traditional third-party intermediaries. One of the most discussed innovations of this technology is the Smart Contract – a computer protocol that leverages cryptography and immutability of on-chain data to enable self-executing, credible, irrevocable and transparent transactions.
While blockchain ecosystems can benefit with relative ease from Smart Contracts, this innovation’s potential to drive efficiency and transparency can only be truly realized at a global scale if Smart Contract systems can communicate easily with non- blockchain systems (Oracles) and establish the same level of trust as the Blockchain systems they are deployed on.
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