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Oracles are essential for blockchain technology because they bridge the gap between the digital world and real-world data. Blockchains are designed for secure, tamper-proof transactions, but they need external data to function effectively in various applications. Oracles provide this data, ensuring that smart contracts can execute based on real-time information. They act as intermediaries, fetching data from off-chain sources and delivering it to the blockchain. This integration is crucial for applications in finance, supply chain, and more, enabling a seamless connection between blockchain networks and the outside world.
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