The Oracle problem
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While blockchains are great for maintaining security, this comes at the cost of being closed to the outside world.
For any project that wants to bring external data into a blockchain, they need to find a way to source that data, without sacrificing the trustless and decentralized nature of the underlying blockchain.
[1]--Reggie (talk) 08:48, 28 July 2022 (UTC)
In order to create a bridge between the blockchain (on-chain) and the outside world (off-chain), an additional and separate piece of infrastructure known as an “oracle” is required.[2]
Blockchain nodes are designed to perform standardized and uniform operations to generate consensus on a set of transactions (solving the double-spend problem). However, they are not suited to answer subjective questions about probabilistic real-world data, as blockchain nodes do not always have access to the same information, making generating consensus on even the most basic data requests challenging and source quality enforcement impossible. [2] Reggie (talk) 04:40, 22 June 2022 (UTC)