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Oracles serve as the bridge between blockchain and real-world data. They fetch external information and feed it into smart contracts, enabling them to interact with off-chain data. By providing secure and reliable data inputs, oracles are crucial for executing smart contracts that depend on external conditions, such as financial market prices or IoT sensor readings. This integration is vital for the growth of decentralized applications and blockchain ecosystems, ensuring they can respond to real-world events effectively.
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