Paul Brody is a Principal and Global Blockchain Leader at EY.
Oracles, an often overlooked feature of blockchain technology, are having a moment. In ancient times, oracles were people or gods who provided wisdom or knowledge. In blockchains, they are mechanisms for providing sources of truth that did not originate within the system itself.
For much of the blockchain era, especially in the era of cryptocurrencies, oracles have not had a significant role to play. Whether ether or bitcoin or most ICO tokens, everything you need to know about the token, such as ownership and embedded logic, exists on the chain. No external wisdom is needed.