Understanding the Blockchain Oracle Problem: A Call for Action
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 i...
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| Format: | Article |
| Language: | English |
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MDPI AG
2020-10-01
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| Series: | Information |
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| Online Access: | https://www.mdpi.com/2078-2489/11/11/509 |
| _version_ | 1827703177354412032 |
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| author | Giulio Caldarelli |
| author_facet | Giulio Caldarelli |
| author_sort | Giulio Caldarelli |
| collection | DOAJ |
| description | 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. |
| first_indexed | 2024-03-10T15:13:40Z |
| format | Article |
| id | doaj.art-2d46f3c119d74f91bf79887b02048ee6 |
| institution | Directory Open Access Journal |
| issn | 2078-2489 |
| language | English |
| last_indexed | 2024-03-10T15:13:40Z |
| publishDate | 2020-10-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Information |
| spelling | doaj.art-2d46f3c119d74f91bf79887b02048ee62023-11-20T19:06:14ZengMDPI AGInformation2078-24892020-10-01111150910.3390/info11110509Understanding the Blockchain Oracle Problem: A Call for ActionGiulio Caldarelli0Department of Business Administration, University of Verona, 37129 Verona, ItalyScarce 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.https://www.mdpi.com/2078-2489/11/11/509blockchainsmart contractsoracles |
| spellingShingle | Giulio Caldarelli Understanding the Blockchain Oracle Problem: A Call for Action Information blockchain smart contracts oracles |
| title | Understanding the Blockchain Oracle Problem: A Call for Action |
| title_full | Understanding the Blockchain Oracle Problem: A Call for Action |
| title_fullStr | Understanding the Blockchain Oracle Problem: A Call for Action |
| title_full_unstemmed | Understanding the Blockchain Oracle Problem: A Call for Action |
| title_short | Understanding the Blockchain Oracle Problem: A Call for Action |
| title_sort | understanding the blockchain oracle problem a call for action |
| topic | blockchain smart contracts oracles |
| url | https://www.mdpi.com/2078-2489/11/11/509 |
| work_keys_str_mv | AT giuliocaldarelli understandingtheblockchainoracleproblemacallforaction |