Oracle | Bring external data into your blockchain network

SPYDRA ADVANTAGE

Smart contracts cannot make http requests directly due to the decentralized nature of blockchains. If http requests are made via chaincode, the data may differ per request. This issue is resolved by using an oracle to ensure that the data returned is consistent across all nodes for each transaction.

Scheduling an Oracle

To obtain off-chain data at a defined frequency, you can add a scheduler that can be used in the smart contract. In addition, a scheduler can also be beneficial in defining efficient workflows.

Getting Data on Demand

You can simply call the Oracle to obtain external data that can be used on the chain to perform further operations.

WHITE PAPER

Permissioned Oracle for Permissioned
Blockchain Networks

Download White Paper

USE-CASE

Oracle is a bridge that fetches external data

Supply Chain

Oracles can fetch real-time data about the location, condition, or authenticity of goods in transit from external sensors or tracking systems. This can be useful for verifying compliance with shipping terms or environmental conditions.

Financial Products & Derivatives

Smart contracts can use oracles to obtain real-world financial data, like stock prices or foreign exchange rates, to execute functions such as settling a contract upon reaching a particular stock price

Insurance Claims

In the event of natural disasters like floods or hurricanes, oracles can pull data from weather agencies to automatically trigger insurance payouts for smart contract-based insurance policies.

Internet of Things (IoT)

Oracles can relay data from IoT devices to the blockchain. For instance, data from a smart lock can confirm receipt of a delivery, triggering payment in a blockchain-based supply chain solution

Supply Chain

Financial Products & Derivatives

Insurance Claims

In the event of natural disasters like floods or hurricanes, oracles can pull data from weather agencies to automatically trigger insurance payouts for smart contract-based insurance policies.

Internet of Things (IoT)

Oracles can relay data from IoT devices to the blockchain. For instance, data from a smart lock can confirm receipt of a delivery, triggering payment in a blockchain-based supply chain solution

FAQs

1. Can I add a scheduler later?

Spydra simplifies the development and deployment of Hyperledger Fabric projects. It offers powerful REST APIs, flexible cloud deployment options, and advanced token management, making it easier for businesses to leverage the capabilities of Hyperledger Fabric.

2. Can I add multiple schedulers for an oracle?

Hyperledger Fabric implements channels, which enable private and confidential transactions among a subset of network participants. Each channel operates independently, ensuring that only authorized participants can access and view the transactions within that specific channel.

3. What kind of source URLs can be configured?

Yes, Hyperledger Fabric allows seamless integration with existing systems through its flexible architecture and API development capabilities. Spydra specializes in integrating Hyperledger Fabric with external systems, ensuring smooth data flow and interoperability.

4. What are the benefits of using Hyperledger Fabric for supply chain management?

Hyperledger Fabric provides end-to-end transparency and traceability in supply chain management. It enables organizations to track and verify every step of the supply chain, reducing fraud, ensuring authenticity, and building trust among stakeholders.

5. What industries can benefit from Hyperledger Fabric and Spydra?

Hyperledger Fabric and Spydra can benefit a wide range of industries, including supply chain management, financial services, healthcare, energy, government services, and more. The flexible nature of Hyperledger Fabric allows it to be tailored to meet the unique requirements of different sectors.

6. What kind of support does Spydra offer for Hyperledger Fabric implementation?

Spydra offers comprehensive support for Hyperledger Fabric implementation, including customized network development, smart contract development, integration and API development, deployment, and maintenance. Our team of experts ensures a seamless and successful implementation of your blockchain solution.

7. How can I get started with Hyperledger Fabric and Spydra?

Getting started is easy! Simply reach out to our team at Spydra, and our experts will guide you through the process of leveraging Hyperledger Fabric. We offer developer tools, community support, and prompt service to help you unleash the potential of Hyperledger Fabric for your business. Also, get $400 FREE credits to start your blockchain journey with us!

What are Oracles?

To fetch off-chain data to your blockchain network

1. Define the Oracle

2. Configure the Oracle

3. Add a schedule

Oracle is a bridge that fetches external data

FAQs

Tokenize at scale with Spydra