It's known as the Oracle Problem.  Transactions on a blockchain are secure and trustless, but when we create smart contracts that use data that comes from sources not on the blockchain, how can we trust it is accurate?  We need external data for some of the most interesting applications of smart contracts, like decentralized insurance, rely on external data to work.

Today I speak with Martin Mikeln, cofounder of Verity.Network. Their approach is to use a crowdsourced data collection model to incentivize large groups of people to enter data in a decentralized manner, eliminating the need for a trusted oracle. From face recognition to insurance, to sports betting, Verity hopes to bring trusted data to smart contracts without trusted parties. 

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Please note that the speakers in this podcast are not financial experts and are not offering financial advice

We hope you enjoy our show and feel free to reach out to us at info@analysisinchains.com or on Twitter through @NealKierans and @NWilliamsMBA

Intro reel and music by Sebastian Rodriguez from NTRPY, http://www.ntrpy.berlin

Editing team: Aiden and Jason Lavallee