Gora, a decentralized blockchain oracle network, joins the ranks of the Cointelegraph Accelerator program.

Smart contracts represent a vastly underutilized cornerstone in the blockchain ecosystem, harboring untapped potential to redefine traditional business processes, legal agreements and automated transactions. Representing a market expected to reach $8.79 billion by 2030, smart contracts have the capacity to increase transparency, reduce costs and enhance efficiency across numerous industries.

Small and medium-sized enterprises are losing out on a $20 billion opportunity in smart contracts. Source: Gora

Despite their potential, the sector is lagging in harnessing the full value of the innovation, underscoring a critical gap in the adoption and utilization of smart contract technology. The integration of decentralized applications (DApps) and smart contracts presents a viable solution for businesses looking to tap into this potential.

Blockchain oracles: Bridging DApps with the real world

DApps, powered by smart contracts, automate transactions and facilitate agreements in a trustless and transparent manner, enabling businesses to streamline their operations. However, for DApps to function effectively, they require reliable and secure access to off-chain data — a capability provided by decentralized oracle networks.

Originally built on the Algorand blockchain, Gora — a blockchain oracle network — aims to spearhead the integration of real-world data into DApps. The project’s goal is to enable developers and organizations to create applications that extend the utility of DApps into everyday activities for millions of users through both data utilization and off-chain computation capabilities.

Source: Gora

Gora distinguishes itself by not limiting its focus to decentralized finance (DeFi) applications. It incorporates cross-chain functionalities through Gora.Fi, enhancing its interoperability with other blockchain ecosystems. Gora’s interoperability broadens its applicability, venturing into areas like supply chain management for tracking goods and verifying authenticity and Internet of Things integration, where it connects real-world sensor data with smart contracts to automate processes.

Expanding beyond traditional DeFi with experience

The Gora team, comprised of individuals with experience in Fortune 500 companies, bring knowledge and expertise to the platform. The platform’s experienced backbone contributed to Gora’s notable traction in the blockchain space, achieving $100,000 in annual recurring revenue.

Gora’s growing ecosystem is supported by over 117 active nodes and has attracted more than 20 marketplace sellers, indicating a strong and expanding interest in its decentralized oracle and data integration services.

The project’s vision extends beyond DeFi, aiming to revolutionize industries like supply chain, healthcare and governance through blockchain. Gora also plans to empower developers and businesses with the necessary tools, educational resources and community support, ensuring secure, reliable and private data access in DApps for enhanced transparency and trust.

Gora’s roadmap includes the launch of the Gora.Fi DeFi platform and the introduction of Gora’s ERC-20 token on Ethereum in the second quarter. The platform plans to expand its cross-chain capabilities to BSC and Arbitrum by Q3, with further expansions into the Cosmos and Solana ecosystems slated for the last quarter of 2024.