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Explain the concept of oracles in the context of smart contracts.

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Oracles in the context of smart contracts act as external agents that fetch and verify real-world data or events and feed this information into the smart contract. This allows smart contracts to interact with real-world data, enabling them to execute actions based on data that is not available on the blockchain. Oracles play a crucial role in connecting blockchain-based smart contracts with external data sources, enabling them to make decisions and execute actions based on this off-chain information.
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