Oracles (Also Called Blockchain Oracles)
Also known as Blockchain Oracles, Oracles are third-party services that provide Smart Contracts that come with external information. These serve the cause of bridging blockchains and the world that lies outside them.
For a number of contractual agreements, it is pertinent to have relevant information from the external world for the effective execution of an agreement. Oracles play a role in this as they provide a links between on-chain and off-chain data. These Oracles are important in that they allow for the broadening of the scope that Smart Contracts operate under.
It must be noted however that an Oracle should not be considered the data source. Rather, it is the layer that queries, verifies, and performs authentication to external data sources. It is its jobs to relate it findings.