Decentralising Finance using Decentralised Blockchain Oracles

Abstract

The recent spread of COVID-19, stressed economies and government pumping money into the market has once again ignited the discussion on the need to have decentralised economies, the role of regulatory authorities and if bitcoin represents a true store of value. In this paper, we identify the need to alternate financial structure, discuss how blockchain and cryptocurrencies play a very important role in achieving it. Blockchain applications are heavily dependent on oracles for their interaction with outside world, we have discussed here the functioning of oracles and then finally presented a broad architecture that can be used to implement a majority of financial instruments on blockchain.