How do oracles collect real-world data in decentralized prediction marketplaces?

by Lyra Bennett on Jun 24th, 2025 11:38 AM

[color=#000000][size=3][font=Arial, sans-serif]Decentralized prediction marketplaces offer a chance for businesses and individuals to generate income. With a crypto prediction platform, users can place bets on prediction markets and earn rewards if their predictions win. Platform owners can earn by creating markets and also through other ways.[/font][/size][/color]

[color=#000000][size=3][font=Arial, sans-serif]But how does the platform ensure fair predictions? It’s with the help of a tool called Oracle, as blockchains cannot access real-world data. Select a company that integrates the necessary tools, such as Oracle, during the [/font][/size][/color][color=#1155cc][size=3][font=Arial, sans-serif]decentralized prediction marketplace development[/font][/size][/color][color=#000000][size=3][font=Arial, sans-serif]. Now the real question is, how do Oracles collect real-world data and help in making fair Predictions?[/font][/size][/color]

[color=#000000][size=3][font=Arial, sans-serif]Oracles connect with trusted APIs or websites to collect the real source of information, such as sports scores, election outcomes, or crypto prices. For example, The Oracle collects data from ESPN or Yahoo Sports for sports results, Binance or CoinGecko for crypto prices, and official government sites or news agencies for election results. After obtaining the correct data, Oracle sends the result to smart contracts, which helps make fair predictions on the decentralized prediction platform.[/font][/size][/color]