Oracle enters blockchain fray

Taking advantage of the hype around blockchain, Oracle has announced the launch of its new Blockchain Cloud Service, designed to allow customers to easily build blockchain networks.

The new service is designed to allow organisations to take advantage of the unique characteristics of blockchain technology to drive more secure and efficient transactions and to track goods through supply chains on a global scale.

Businesses can use the platform to quickly build their own blockchain networks, and then integrate them with Oracle software-as-a-service and third-party applications, as well as Oracle’s platform-as-a-service offering and even other blockchain networks.

The platform is built on top of the Linux Foundation’s Hyperledger Fabric, and comes pre-assembled with the required infrastructure dependencies, container life cycle management, event services, identity management and other components.

“Blockchain projects are quickly moving from pilot to production as enterprises and governments begin to see the inherent value of distributed ledgers and smart contracts,” IDC Group VP of Manufacturing and Retail Insights Robert Parker said.

“As spending accelerates, buyers will need an enterprise-class platform beyond open source that includes data security and integrity, scalability, manageability and interoperability.”

A number of organisations around the world have already adopted a preview version of the new platform. Arab Jordan Investment Bank, for example, is using it to minimise the complexity of electronic fund transfers by reducing cost while increasing efficiency and security.

CargoSmart is using the service to develop an application to simplify the complex documentation processes involved in the shipping industry, while Solar Site Design is using the platform to explore new ways to develop smart contracts and manage design projects.

Image credit: ©stock.adobe.com/au/Denys Rudyi

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