Blockchain Oracles: State-of-the-Art and Research Directions

Ezzat, Shahinaz Kamal; Saleh, Yasmine N. M.; Abdel-Hamid, Ayman

doi:10.1109/access.2022.3184726

Cited by 49 publications

(25 citation statements)

References 28 publications

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“…ChainLink enables simple deployment of decentralized oracle networks that are capable of interacting with the Ethereum blockchain via Solidity smart contracts. Apart from ChainLink, there are other relevant solutions such as Augur, which is mostly focused on decentralized finance, and Gravity, which claims to be highly efficient and secure, but is in a too early stage of development [24].…”

Section: Smart Contracts and Oraclesmentioning

confidence: 99%

Industrial Data Homogenization and Monitoring Scheme with Blockchain Oracles

Stefanescu

Galán-García²,

Montalvillo-Mendizabal

et al. 2023

Smart Cities

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Research efforts on Distributed Ledger Technologies (DLTs) for industrial applications have constantly been increasing over the last years. The use of DLTs in the Industry 4.0 paradigm provides traceability, integrity, and immutability of the generated industrial data. However, Industry 4.0 ecosystems are typically composed of multiple smart factory clusters belonging to several companies, which are immersed in constant interaction with other business partners, clients, or suppliers. In such complex ecosystems, multiple DLTs are necessarily employed to maintain the integrity of the data throughout the whole process, from when the data is generated until it is processed at higher levels. Moreover, industrial data is commonly heterogeneous, which causes compatibility issues, along with security and efficiency issues in the homogenization process. Thus, the data needs to be pre-processed and homogenized in a secure manner before being exploited. Consequently, in this work, we address the issues mentioned above by providing an industrial raw data pre-processing and homogenization process according to a standard data model. We employ decentralized blockchain oracles to guarantee the integrity of the external data during the homogenization process. Hereafter, we design an interoperable plant blockchain for trustworthy storage and processing of the resulting homogenized data across several industrial plants. We also present a prototype implementation of the aforementioned scheme and discuss its effectiveness. Finally, we design a monitoring scheme to overview the usage the performance of the architecture processes and identify possible performance and security issues.

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Section: Smart Contracts and Oraclesmentioning

confidence: 99%

Industrial Data Homogenization and Monitoring Scheme with Blockchain Oracles

Stefanescu

Galán-García²,

Montalvillo-Mendizabal

et al. 2023

Smart Cities

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“…A similar concept, but for integrating and processing external data onto a blockchain, is called a decentralized oracle network [40], [41]. A decentralized oracle network supports the security attribute of a blockchain to maintain the integrity of its consensus mechanism while providing the ability to access data outside a blockchain.…”

Section: A Blockchain Technologymentioning

confidence: 99%

Blockchain-Based Market Procurement of Reactive Power

Häselbarth¹,

Winkels²,

Strunz³

2023

IEEE Access

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A flexible and adaptable market procurement of reactive power has the potential to improve network efficiency, voltage stability, and operational costs. In Europe, such a dynamic procurement must be in accordance with the European Union directive EU 2019/944 on non-frequency ancillary services. In accordance with this situation, a blockchain-based framework of market procurement of reactive power is proposed and presented in this paper. The devised framework is in alignment with the European Union's directive to establish a non-discriminatory, transparent, and free market. Moreover, the blockchain-based framework is applicable at all network levels and allows for the variety of different distributed resources to participate. A two-layer blockchain topology is proposed to overcome scalability and transaction time issues. The first main-layer blockchain acts as the agent for trust and guarantees the immutability of data as well as the remuneration of participating market players. The second-layer blockchain facilitates direct access to tendering processes or auctions, fast transactions, and low transaction fees for involved stakeholders. Additionally, a decentralized oracle network is proposed to integrate external data into the second-layer blockchain. Data required for verifying the physical reactive power transactions are delivered by smart meters. The entire procurement process is automated by deploying smart contracts at the various posed to become very promising in closing the predicted gap of 15 to 35 GVAr reactive power supply in Germany before 2034 [1]. The provision of reactive power in Germany is forecast to exceed costs of 1.1 billion EUR per annum (p.a) in 2035 and could increase to 2 billion EUR p.a in 2050 [1]. Reasons for this development include the phasing out of thermal power plants and a rapid grid transformation to integrate the increasing number of distributed

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“…The cross-chain interoperability in ONTOCHAIN is enabled by Perun-X gateways 19 that are semantically configured for secure data exchange between, e.g., Ethereum and Polygon 20 . Finally, for privacy-aware data processing in ONTOCHAIN, the KnowledgeX 21 DApp enables control-retaining knowledge extraction from data.…”

Section: Core Protocolsmentioning

confidence: 99%

“…In the meantime, many additional smart-contract blockchain systems have been introduced [17,18] with diverse capabilities. In the meantime, blockchain technology keeps developing into new aspects, such as oracles [19] that connect smart contracts on blockchains to data sources that reside in off-chain legacy systems. The domain of blockchain oracles emerges as a growing research opportunity [20], largely motivated by solving the…”

Section: Introductionmentioning

confidence: 99%

Designing a Web3 Ecosystem to Facilitate a Participatory Economy for the Movie and Series Industry

Norta

Ibrus

Milligan

2023

Preprint

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The audiovisual media content (AMC) industry, focused on film and television drama production, is confronted with a broken business model due to the dominance of centralized streaming platforms. The top platforms dominate global distribution but only offer slices of produced and heritage content. In addition, they compete with the AMC industry by producing a majority of content distributed. This leaves fewer gatekeepers deciding on the content to be distributed and less diverse content easily accessible to audiences Consequently, audiences are compelled to engage in pirating movies despite a willingness to pay. Recent blockchain innovations towards the so-called Web3 promise to restore this broken business model by re-establishing direct contact between the producers of films and their audiences. The benefits of networks (peer-to-peer or community based) in combination with Web3 follow the principle of decentralized disintermediation while comprising elements such as FIAT to crypto-payment mechanisms, self-sovereign identity authentication, blockchain oracles, decentralized autonomous organizations (DAO), and so on. A gap exists with regard to methodological designs of Web3 decentralized applications (DApp) and their ecosystems for restoring a viable AMC business model that not only eliminates the need for piracy activities but even the need for platforms. The DApp architecture designs for the film- and media industry ecosystem creation in this paper allow, on the one hand, for a legal compliance check ahead of a costly deployment. On the other hand, the DApp designs of this paper also allow for a tailored blockchain technology stack development. Ultimately, this research is a continuation of an earlier whitepaper to establish a participatory economy in the film industry from peer-to-peer streaming.

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Blockchain Oracles: State-of-the-Art and Research Directions

Cited by 49 publications

References 28 publications

Industrial Data Homogenization and Monitoring Scheme with Blockchain Oracles

Industrial Data Homogenization and Monitoring Scheme with Blockchain Oracles

Blockchain-Based Market Procurement of Reactive Power

Designing a Web3 Ecosystem to Facilitate a Participatory Economy for the Movie and Series Industry

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