The “Oracle Problem” still exists in the midst of the 4th Industrial Revolution. It is a problem that can be solved but need caution and deliberate companies to solve such problems and start with one step at a time.
The Oracle problems that have not been solved in the blockchain space:
Currently, many believe that blockchain can fully protect the data from mutation. However, the oracle problem exists that even for the blockchain, it may be difficult to avoid such a problem before the data are uploaded to the blockchain. Accordingly, there are efforts from all around the world to find a solution to the oracle problem.
“The Oracle Problem”, refers to the mutation of data during the transfer from the outside network to the blockchain network. Once the data are in the blockchain, the data are protected from the mutation, however, the mutation may occur during the processing of data incoming from the outside source to the blockchain, causing a reliability issue.
How are the existing supply chain data management systems?
In the existing supply chain data management systems, the manufacturing and processing data about the products are entered into the system manually, so it consumes much more time and it is inefficient. Also, it is difficult to determine whether the manually entered data are accurate, so the accuracy of the data is not as reliable.
1. RFID
TEMCO, on the other hand, to increase the accuracy and reliability, provides RFID tags with recorded data about each individual product for further accurate processing. The products with RFID tags attached to them will represent as nodes in the system and if a node is registered with a different value, the error can be efficiently managed. Just as this, by attaching the RFID tags to each individual product, the system will be less prone to errors and mutation of data.
2. Vendor Verification System
Through attaching hardware sensors as RFID to products, it is possible that a part of Oracle problem may be reduced, however, the problems may still occur, such as malfunction of the sensors, manufacturing defects or wrong measurements, in which the oracle problem persists. For such cases, TEMCO uses Vendor Verification System (VVS) as a solution. The system is to acquire verified vendors who are reliable and highly trustworthy, prior to the business agreement. The oracle problem may be reduced by uploading the data of previously verified reliable vendors.
3. Continuous work to solve the oracle problem
TEMCO is continuously working to solve the oracle problem, other than the situations mentioned above. The QR codes are protected from mutation of data. If the QR codes are used, it can solve the cost issue of using RFID tags and perhaps provide more security overall. TEMCO is employing such technology to its first commercialized platform called “GUHADA” an online open market platform for luxury goods items.
In addition, TEMCO is currently at Singapore, attending the accelerating program provided by a government-backed, Tribe Accelerator, seeking to work with corporations to solve the oracle problem. Also, a discussion about how to improve the application of blockchain on GUHADA platform is undergoing.
4. Developing a reliable integrated system that can be used in real life
Currently, there are no perfect solutions to solve the oracle problem. However, TEMCO is reducing the issues that may occur because of the oracle problem by RFID tags (sensor) and vendor verification system. Such innovation allows TEMCO to collect accurate data and provide them transparently through the use of blockchain technology, increasing trust and reliability of the consumers. Furthermore, TEMCO is providing consumers with an integrated solution for common problems to help improve their daily lives.
TEMCO: Innovative Supply Chain Data and E-Commerce Solution through Blockchain and Smart Contract Technology.
▶TEMCO Chatroom: https://t.me/temcolabs
▶TEMCO Official Website: https://temco.io
