Romanian Cyber Security Journal / Spring 2024, No. 1, Vol. 6

Hybrid Smart Contracts with Decentralized Oracles

Alexandru Gabriel ANDREI

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Abstract

In the digital age, ensuring data workflow security is crucial. Blockchain’s limitations in accessing external data have led to the development of Decentralized Oracles, facilitating the integration of real-world data with smart contracts. This article explores the challenges associated with incorporating external data into blockchain, evaluating various methodologies for achieving randomness. It assesses the security, decentralization and scalability of these approaches. Moreover, a Hybrid Smart Contract framework for NFT minting was developed, utilizing Verifiable Random Functions and Chainlink Oracles. This integration of Oracles and Hybrid Smart Contracts promises to revolutionize data security workflows within the decentralized landscape.

Keywords

Verifiable Random Functions, Hybrid Smart Contracts, Decentralized Oracles, Blockchain, data security