Oracle Accounting Hub Cloud Service 2018 Implementation Essentials test Dumps

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Exam Title : Oracle Accounting Hub Cloud Service 2018 Implementation Essentials
Exam ID : 1Z0-1019
Exam Duration : 105 minutes
Questions in test : 60
Passing Score : 64%
Format : Multiple Choice Questions
Exam Center : Pearson VUE
Real Questions : Oracle Accounting Hub Cloud 2018 Certified Implementation Specialist (OCS)
Recommended Practice : 1Z0-1019 Online VCE Practice Test

Transaction type life cycle - Analyze and identify transaction type life cycle: transaction type life cycle from the beginning to closing. For example, booking reservation, confirm, pay, cancel. Modeling considerations - Analyze other modeling considerations: transaction type, consolidated vs separated subledger view, pass through, rule-based, primary ledger only, primary plus secondary ledger, legal entities Register Source System and PaaS (ICS) integration - Register Source System and PaaS (ICS) integration (to include "Transaction Information" and "Line Information" worksheets, and Transaction Objects) Transaction data and automation with web service - Upload transaction data, correct when there are errors, and perform automation with web service Adjust Journal Entries - Adjust journal entries: override, create manual adjustment entries Accounting, reporting, audit, and reconciliation requirements - Analyze accounting, reporting, audit, and reconciliation requirements for accounting transactions: journal entries, accounts
- Analyze accounting, reporting, audit, and reconciliation requirements for reporting transactions: journal and line descriptions, reporting attributes
- Analyze accounting, reporting, audit, and reconciliation requirements for reconciliation transactions: reconciliation reference attribute Accounting rule configuration - Analyze the accounting rule configuration: Journal entries, accounting method, chart of accounts, accounts derivation, intercompany Update Registered Source System - Update Registered Source System: accounting attribute assignments, sources, event types Reporting and Audit - Perform Reporting and Audits: create custom OTBI report, create custom BIP report, security, period close readiness and closing exception reporting and dashboard; FRC (GL's reporting center: Studio and Smart View); and security (Security includes GL and Accounting Hub securities) Diagnostics - Perform diagnostics (Subledger Accounting Diagnostic - diagnose how subledger sources and attributes are used in the create accounting process)

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1Z0-1019 Oracle information source

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Oracle Oracle information source :: Article Creator

Can blockchain solve its oracle issue?

A paradox lies at the coronary heart of wise contract-enabled blockchain networks. 

they are democratic (distributed), tamper-free (immutable) and clear, but in an effort to know anything close to their precise abilities, they have to hook up with the genuine world. This necessary makes them area to one of the crucial vulnerabilities that blockchain know-how turned into designed to surmount — including centralization and opacity.

Blockchain oracles are the skill in which precise-lifestyles facts — like football scores, rainfall measurements or election results — are transmitted to a blockchain. imagine that Alice and Bob are looking to location a wager on the outcomes of a horse race. How would the sensible contract know who to supply the winnings to? An oracle can retrieve the counsel from the precise world and bring it onto a blockchain.

Oracles are especially critical for the emerging DeFi sector, given its want for secure expense assistance to be sure that movements similar to liquidations and prediction market resolutions work smoothly. “essentially, oracles intention to reply the simple query: How can off-chain records be securely pronounced on chain?” notes a contemporary booklet, DeFi and the future of Finance.

because the world strikes towards Web3 — i.e., third-era internet, where decentralized solutions are anticipated to dominate — oracles will seemingly turn into more well-liked, Joe Petrowski, technical integrations lead on the Web3 foundation, tells magazine. Oracles can be needed to inform selections and also, perhaps, implement decisions. Their uses, too, are projected to move beyond proposing expense feeds for DeFi protocols and experience results for prediction markets.

Blockchains using sensors as oracles might guide the enforcement of overseas treaties, as an example, including limits on greenhouse gas emissions, wrote NYU’s Yannis Bakos and Hanna Halaburda currently. here is principally the case due to the fact that the technology “ensures that assistance supplied from sensors and oracles has not been tampered with after it is recorded on the blockchain.” Its transparent, immutable ledgers can also be used to combat executive corruption and become a tool to restoration forests and authenticate supply chains, as well as many other uses.

A important quandary

but all this promise can nevertheless best be mentioned within the conditional feel because blockchain statistics becomes tamper-free most effective “after it is recorded” on the ledger, as the NYU professors referred to. Who or what authenticates records before it is uploaded onto the chain? This, in a nutshell, is the oracle issue — once described by using Jimmy music as the “intractable difficulty in linking a digital to a genuine asset no matter if it's fruit, cars or houses as a minimum in a decentralized context.”

tune explained this oracle catch 22 situation in fundamental phrases the usage of the example of a transfer of homeownership recorded on a blockchain:

“When Alice transfers the residence to Bob, the smart contract needs to be aware of that she really transferred the condominium to Bob. There are a couple of techniques of doing this but all of them have the same standard difficulty. There has to be some have faith in some third party to verify the events within the genuine world.”

The oracle difficulty “is a vital difficulty for blockchain economies,” Halaburda, who's an affiliate professor at NYU’s Stern school of business, tells magazine. “it's concerning the gateway difficulty of getting tips on blockchain — oracle is only one method of getting it there.” Bitcoin and different native cryptocurrencies don’t have this issue, she provides, as a result of they don't represent or check with anything else backyard of their personal blockchains. but as soon as smart contracts are brought to the value proposition, every little thing changes.

“Oracles have made large progress in empowering the tokenization of actual, real-world property,” John Wu, president of Ava Labs — which developed the Avalanche public blockchain — tells journal. “as an instance, weather information enables monetary capabilities like coverage on genuine property or plants, expanding the utility of that asset and price clients gain by using inserting it on-chain.”

The so-known as oracle issue can also now not be intractable, despite the fact — despite what track suggests. “sure, there is development,” says Halaburda. “In supply-chain oracles, we've as an example sensors with their particular person digital signatures. we're studying about what number of sensors there deserve to be, and how to distinguish manipulation from malfunction from multiple readings.”

“we're also getting enhanced in writing contracts deliberating these distinct circumstances, in order that the manipulation is much less advisable,” Halaburda continues. “In DeFi, we also have multiple sources, and strategies to go-validate. while we're making progress, although, we haven’t gotten to the end of the road yet.”

Blockchain’s “connective tissue”

As cited, oracles are important to the rising DeFi sector. “in order for DeFi purposes to work and supply cost to americans and corporations world wide, they require advice from the genuine world — like pricing records for derivatives,” Sam Kim, associate at Umbrella community — a decentralized layer-two oracle solution — tells journal, adding: 

“here is what oracles do — they function connective tissue for gaining access to, processing, and transmitting crucial records. Oracles are standard for ensuring the integrity of data in the DeFi ecosystem.”

“Blockchains’ killer utility has always been asset tokenization, and oracles have a crucial function to play in this migration,” adds Wu. Oracles can “release key performance like lending, borrowing, options, derivatives, prediction markets, and sophisticated trading functions.”

but they can go extra. “What [oracle solution] functions like Chainlink are doing is taking it from simply fundamental price feeds to complex information feeds to permit a an awful lot greater distinct array of monetary items like crop insurance for farmers and agribusinesses to be constructed as opposed to just with ease assisting products and functions that exist within the DeFi/Blockchain ecosystem,” Sid Jha, founder and CEO of Arbol and a founding partner of climate oracle dClimate, tells journal.

Arbol, as an instance, presents parametric crop assurance to farmers within the setting up world, preserving in opposition t natural occurrences like drought. If a given location in Sudan, say, goes three weeks without any rainfall, an oracle can immediately set off a wise contract payment to all policy-preserving farmers in that enviornment. No on-web site harm investigations are launched, and no adjusters are summoned. charge to cellular devices is just about instant — which is important in impoverished areas the place farmers are often living hand to mouth.

“after we first all started Arbol, there turned into no trade general oracle network,” Jha continues. “We started the usage of every other services to comfortable our smart contracts, but there was no level of decentralization. Having a reliable oracle network to rely on for the statistics-pushed, blockchain-powered parametric coverage products we construct at Arbol turned into essential for us as a result of our wise contracts need to be capable of have interaction with real world, external records sources.”

Are distinct facts sources the answer?

Some accept as true with the reply to the oracle problem is effortlessly to avoid counting on a single statistics supply, or node. alongside these lines, Chainlink’s greatest oracle network — its ETH/USD expense feed — has 31 nodes, together with Deutsche Telekom’s T-systems and Switzerland’s Swisscom, amongst others.

The ETH/USD oracle network by myself secures over $20 billion of wise contract value. “There are over seven hundred of these oracle networks” on Chainlink’s platform now, Sergey Nazarov, co-founding father of Chainlink, tells magazine, “and we agree with there could be a thousand next yr,” however none methods the measurement of the ETH/USD feed.

what number of nodes are adequate to comfortable a wise contract? It relies upon, says Nazarov. If a consumer is securing $100,000 on a wise contract, that person may get by using a single statistics source. The economic possibility is comparatively low. however say the volume to be secured grows to $10 million. Then, that user may want to have a demonstrated single source. that's, the smart contract has a single records supply and a second source it really is the circuit breaker to be sure the facts flows in appropriately, he explains.

What if a person needs to relaxed $a hundred million? At that factor, “you'll want to make an oracle network with as a minimum seven nodes, you should definitely get at least three records sources every, and you should have an automated solution to switch them out,” Nazarov tells magazine.

The challenge for Chainlink lies not simply in solving the usual oracle issue, Nazarov continues. reasonably, it’s about enabling the safety of an oracle network to scale because the security needs of that oracle community’s clients develop: “There must be a constant interaction between what the clients outline as decentralization and definitive reality and what the oracle community provides.”

extra resilience and variety essential?

nevertheless, now not all are satisfied with the state of things. online oracles, as they at present exist, “are liable to entrance-working, and hundreds of thousands of greenbacks have been lost to arbitrageurs,” wrote the authors of DeFi and the way forward for Finance. “unless oracles are blockchain native, hardened, and proven resilient, they represent the greatest systemic hazard to DeFi nowadays.”

“Decentralized oracles have accomplished a good job in unlocking cost for DeFi, however I suppose the longer term will see extra first-party oracles being utilized in a composable manner to create blockchain-based purposes which have oracle use-cases that go method beyond what we presently see out there,” Heikki Vänttinen, co-founder of API3, tells journal.

On the decentralization question, Chainlink is a form of hybrid, others imply. It uses diverse statistics sources for cost feeds, so in that feel, it's decentralized. however Chainlink itself decides which records sources to present — e.g., Swisscom and AccuWeather — and it is the company to so many DeFi protocols that Vitalik Buterin, along with some others, has called for a “variety of distinctive strategies” within the matter of oracles, certainly in regard to algorithmic stablecoins. Buterin recommended in may additionally that “Uniswap and the UNI token step in and supply such an oracle.” (Nothing has come of this theory thus far, as can surest be decided.)

Vänttinen has written about the use of “first-celebration oracle records” from sources like flood meters that may well be strategically positioned in people’s homes. When water degrees attain a important peak in a statistically colossal number of buildings, a wise contract could be caused to make flood assurance payments immediately. No investigators or adjusters would be mandatory, and economically pressed households would obtain money presently.

Is it definitely purposeful to region flood meters in thousands of buildings in flood-plagued areas, even though? 

“All such IoT gadgets don’t need to be at once connected to the blockchain,” Vänttinen tells journal. “you could mixture the equipment facts off-chain, or use an IoT statistics network as the middleman layer.” He provides further:

“The oracle problem turns into a great deal less intractable in the event you agree with where the statistics to oracles truly comes from and count number the facts company into the equation. it is, by way of defining the oracle ‘as a piece of middleware that transports information from supply to blockchain,’ you demystify the theme vastly and can use a primary-ideas approach to proposing an answer.”

The assurance trade’s embrace of oracles and blockchain expertise has been slow. Many had expected parametric assurance — which often contains sensible contracts and blockchain expertise — to have taken off through now.

“Parametric coverage is occurring,” Nazarov tells journal. He’s delivered many talks on the subject during the last five years, and Chainlink is investing heavily in this enviornment. however takes time, he continues. in the blockchain business, it’s ordinary that “nothing occurs — after which everything occurs.” Decentralized insurance might follow the equal pattern. “They definitely need to reach a tipping point, a undeniable threshold — at which factor they begin to tackle a life of their personal.”

simpler noted than executed

Others have talked about decentralized oracles as at the moment configured are often slow, expensive and area to selection bias.

To this ultimate element, oracles are utilized in prediction markets to decide the effect of real-world pursuits, like elections or activities events, and if the reality oracle is decentralized, the “effect” is frequently decided by using a vote. in that case, “You deserve to have a bunch of sincere voters,” economist Chuanwei “David” Zou, founding partner at Nanhu monetary company, tells magazine. through this, he capacity a group that accurately represents the vote casting population.

You don’t desire a cohort of all Republican or all Democratic voters to examine the outcomes of a tight election; somewhat, you need a representative sample of Republicans and Democrats. This isn’t at all times so convenient to do.

“a very decentralized oracle network must be one where the facts sources are chosen by the neighborhood, the validators are elected by using the group, and the rules round staking, together with rewards and slashing penalties, are also set via the group and never by a government,” provides Umbrella’s Kim. “The most advantageous way to be sure that oracle nodes function independently and with integrity is for the oracle itself to employ a delegated proof-of-stake (DPoS) consensus model on its own blockchain.”

Are oracles vital for blockchain?

To what extent does the way forward for blockchain expertise rely upon its capacity to develop trusted, tamper-free oracles of reality?

“It’s vital, if we desire the blockchain to be helpful for the rest apart from native assets (e.g., native token, like Bitcoin for the Bitcoin blockchain),” says Halaburda, while Jha provides: “if you don’t have devoted external records, that you may’t take expertise of the whole vigour of blockchain. […] If a blockchain can’t hook up with the genuine world, it’s like having a computer devoid of the web.”

“as the market starts to mature, and both DApps and their respective consumer bases delivery to search for greater subtle functions, information representing title and ownership of real estate, intellectual property and other genuine and non-physical property will start to emerge,” says Kim. “And consequently oracles may be smartly-placed to supply the bridge between off chain and on chain as these rising functions are deployed and profit adoption.”

There are other areas the place blockchain know-how can make a huge difference, like validating educational levels, but decentralized oracles are doubtless no longer going to be at hand every time soon, so the business might also just ought to make do with centralized oracles. “Decentralized oracles work excellent for guidance it really is verifiable from numerous sources — e.g. getting expense pairs from different exchanges/data suppliers,” Joshua Ellul, a senior lecturer at the tuition of Malta and director of its Centre for allotted Ledger technologies, tells magazine.

despite the fact, in larger schooling, records is terribly centralized, and “The tuition can attest to a student’s certificate and most effective that university,” he adds.

Web3 and past

because the world strikes toward Web3, some trust that the human element can and should be faraway from governance selections in key technologies, together with oracle technology. This could be naive.

people sometimes lose sight of the undeniable fact that algorithms are created through human beings, says Petrowski, and that “They don’t dispose of bias — they just conceal it.” while purists might like to have every thing decentralized and automatic — a world where utility code “guidelines” — blockchain oracles may nevertheless require some diploma of human oversight to guard towards choice bias and other skills problems.

in addition, it would be a great loss if blockchain oracle know-how in no way evolves much past featuring fee feeds for DeFi initiatives, provides Petrowski:

“we will do so lots greater than a spreadsheet with expertise like this. if it is restrained to prices and information, it might be a large loss of probability.”

Petrowski can think about a blockchain-based satellite registry, for example, that would control the launching of satellites on a global scale, with some useful resource allocation capability. He can envision anything like a Grand Oracle Committee — a gaggle composed of academics, judges and journalists, amongst others, to help come to a decision one of the vital fuzzier oracle situations and to ensure that one country or neighborhood doesn’t snatch up all the registrations, as an instance.

Others believe oracles and blockchain technology are now at an inflection point. “The launch of blockchains and smart contracts has proven large potential for the constructing of latest enterprise fashions,” stated former Google CEO Eric Schmidt, who these days signed on as a strategic adviser to Chainlink, “nevertheless it has turn into clear that one in all blockchain’s most advantageous merits — a scarcity of connection to the world outside itself — is also its biggest problem.”

some of the decade’s “most vital technologies”?

Many expect escalating demand for oracle technology. certainly, former Coinbase chief know-how officer Balaji Srinivasan mentioned these days that crypto oracles are “going to be one of the most essential applied sciences of this decade.” Is that going too a ways?

“I absolutely agree” with Srinivasan, Nazarov tells journal. “Oracles will take us from a world of vulnerable have confidence assumptions to a world powered with the aid of cryptographic fact — which is an improved world for every person.”

looking ahead, “The should switch tips like rainfall statistics to help farmers in rural areas is massive,” says Jha. “These purposes have value in the real world, and oracles will be fundamental for making certain the integrity and safety of the facts underlying all up-and-coming blockchain-based mostly initiatives that have precise world utility and application.”

What’s clear is that in a world where anybody can say anything on any discipline — and with the push of a button, broadcast it around the globe — society has an urgent want for authentic arbiters of certainty. Many oracles may be decentralized, however now not all, and definitely now not all of sudden. they're prone to evolve past the decentralized finance and prediction markets, too, securing smart contracts in areas as disparate as the atmosphere, training, supply chains and even international politics.

The process isn't likely to be fully automated, either. At some element, human beings will ought to intervene — to decide who or what is a worthwhile “oracle node” (i.e., data supply), if nothing else.


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