The development of the Internet continues to advance rapidly, with the Internet of Things (IoT) emerging as a pivotal component of this evolution. IoT entails connecting numerous devices to the Internet, enabling machine-to-machine communication and autonomous actions. These devices, such as smart thermostats and cameras, are becoming more common, yet the true potential of IoT is still unfolding. The technology faces challenges, such as the need for data consensus and automated value settlements among stakeholders, which are crucial for minimizing human intervention and enhancing connectivity. Smart contracts and blockchain technology, specifically through decentralized oracle networks like Chainlink, could address these hurdles by providing secure and reliable access to off-chain data and computations, thus enabling transparent and immutable machine operations. As IoT devices and technology become smarter and more autonomous, they hold the promise of transforming industries by automating processes and ensuring fairer interactions across multiple stakeholders, ultimately creating a more automated and interconnected world.