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Understanding the Blockchain Oracle Problem: A Call for Action

Department of Business Administration, University of Verona, 37129 Verona, Italy
Information 2020, 11(11), 509; https://doi.org/10.3390/info11110509
Received: 12 September 2020 / Revised: 23 October 2020 / Accepted: 28 October 2020 / Published: 29 October 2020
(This article belongs to the Section Review)
Scarce and niche in the literature just a few years ago, the blockchain topic is now the main subject in conference papers and books. However, the hype generated by the technology and its potential implications for real-world applications is flawed by many misconceptions about how it works and how it is implemented, creating faulty thinking or overly optimistic expectations. Too often, characteristics such as immutability, transparency, and censorship resistance, which mainly belong to the bitcoin blockchain, are sought in regular blockchains, whose potential is barely comparable. Furthermore, critical aspects such as oracles and their role in smart contracts receive few literature contributions, leaving results and theoretical implications highly questionable. This literature review of the latest papers in the field aims to give clarity to the blockchain oracle problem by discussing its effects in some of the most promising real-world applications. The analysis supports the view that the more trusted a system is, the less the oracle problem impacts. View Full-Text
Keywords: blockchain; smart contracts; oracles blockchain; smart contracts; oracles
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MDPI and ACS Style

Caldarelli, G. Understanding the Blockchain Oracle Problem: A Call for Action. Information 2020, 11, 509. https://doi.org/10.3390/info11110509

AMA Style

Caldarelli G. Understanding the Blockchain Oracle Problem: A Call for Action. Information. 2020; 11(11):509. https://doi.org/10.3390/info11110509

Chicago/Turabian Style

Caldarelli, Giulio. 2020. "Understanding the Blockchain Oracle Problem: A Call for Action" Information 11, no. 11: 509. https://doi.org/10.3390/info11110509

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