From “sensor fusion” to “blockchain fusion/interoperability” we need fusion. This a key area of focus for BidCoins.io’s plans in the DApp space.
The term “blockchain oracle” is likely becoming a bit more common a topic, among even novice blockchain and/or cryptocurrency conversations. The term however is broad in scope.
For example, a top world bank’s API, albeit centralized data, could be pre-defined as “trustworthy”, thus allowing it’s “off-chain” data to be used to satisfy and execute on smart contract conditions which themselves may be a side-chain to another core chain. In this instance, the bank’s API is a “blockchain oracle”. It can be called to, the information is trusted as true, and can be executed on.
Further examples include truly human-free data collection and execution, such as a microchip in a door handle that can answer, when called, how many times has it been turned; another example, has a computer vision enabled CCTV been able to view and validate 10 cows have been delivered to a farm by a particularly marked vehicle with GPS equipped. Here, our door handle, our CCTV camera’s image recognition processing as well as our delivery vehicle’s GPS are ALL “blockchain oracles”.
As you can see, there are some welcomed benefits to blending on-chain and off-chain data, fusing device sensors and leveraging trustworthy centralized data sources to execute on smart contracts.
The reality is, there are, and are going to continue to be, innumerable blockchains, assets of all types, and communications protocols for the foreseeable future; so fusing i.e. establishing interoperability with one anther, is good for blockchain, it’s good for technology, it’s good for humanity and it’s good for the Earth.
Our task ahead, as is any of yours who wish to champion the next era of technical revolution, is to fuse. Fuse with each other in phenomenal thinking, fuse technologies, fuse communication channels, fuse currency and commodity and especially fuse our missions; it’s the time to have a hive mind on this planet, to put all this impressive capability of the mind of man to use in ways that benefit not just the pocket but also the planet, not just the balance sheet but also the human and non-human citizens of the World.
Cheers and gratitude to all of you visionaries and initiators!