Oracle’s New Blockchain Cloud Service Gets Wide Acceptance

Tech giant Oracle has officially launched its long awaited blockchain service, and several international organizations have already embraced the platform.

News about the company’s new blockchain platform surfaced in May this year. During the time, Thomas Kurin, Oracle’s president of product development gave details on how this new platform would be integrated with the company’s other existing technologies.

The Oracle Blockchain Cloud Service provides its users a safe environment to establish and test their own networks. Additionally, users will be able to easily install Oracle’s Software-as-a-Service (SaaS), Platform-as-a-Service (PaaS), and other third-party applications.

Included in its platform, Oracle provides its users the opportunity to program and test smart contracts capable of querying the ledger, including joining other organizations, or even acquire blockchain networks.

The executive vice president of Oracle Cloud Platform, Amit Zavery, noted “We are excited to announce the availability of Oracle Blockchain Cloud Service. It is the result of years of R&D alongside our valued partners and customers. With Oracle’s platform, enterprises can enhance their business, eliminate unnecessary processes, and transact with their distributed networks more easily, transparently and securely than ever before.”

The Linux Foundation’s Hyperledger Fabric is the base for Oracle’s new platform, and this is the reason why the application development process was quicker, especially the setup. The platform comprises of identity management, REST proxy, event services, container lifecycle management and all the underlying infrastructure dependencies.

Brian Behlendorf, Executive Director at Hyperledger, stated:

“Based on Hyperledger Fabric, Oracle’s platform, with its support for interoperability with non-Oracle Hyperledger Fabric instances, will help build further support for open standards and interoperability, while illustrating how quickly, easily and securely businesses can begin utilizing blockchain to improve business processes.”

Oracle is also launching new SaaS blockchain applications, which will enable users to conduct tasks including track and trace, warranty and usage, provenance identification, and cold chain.

Some of the international organizations that are already using the Oracle Blockchain Cloud Service include CargoSmart, Arab Jordan Investment Bank, Certified Origins, Intelipost, Indian Oil, MTO, Nigeria Customs, Neurosoft, Solar Site Design, Sofbang and TradeFin.

CargoSmart’s CEO, Steve Siu, noted that his firm plans on using the platform to simplify the shipping company’s complicated processes. He added:

“The comprehensive nature of Oracle’s blockchain cloud platform has allowed us to quickly build prototypes into viable products in several 12-week sprints. So far, we have seen proven productivity gains of over 30% as compared to the other blockchain platforms we tried.”

Andre Biagianti, CIO of Certified Origins, intend to use the platform to track their products from manufacturing to sales.

“The availability of Oracle’s blockchain service simplifies the implementation and collaboration of all parties included, and represents a real competitive advantage for us. It adds a further level of transparency and information that is valuable for consumers looking for quality products and helps us to support the excellence of the small farms,” he explained.

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