Thomson Reuters Releases Blockchain Smart Oracle
The Smart Oracle, called BlockOne IQ, will push external data into the blockchain.
BlockOne IQ, currently in beta testing, can be inserted into a chain and called upon by participants to verify certain data, like how an API is used to update rates in a transaction. It will be able to provide both current and historical data. Since a blockchain cannot access data outside of it, an oracle is needed to push external data that may not be baked into smart contracts because these fluctuate.
When participants need to either update or verify values in a smart contract – the current
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