Oracle firm rolls out its blockchain service, that allows businesses to automate their processes over an immutable electronic ledger, enabling easier tracking of goods in a supply chain, or satisfying the financial transactions of the customer.
Advantages of Oracle Blockchain Cloud Service
Many firms already adopt Oracle Blockchain cloud service that was recently launched. They include organizations such as Arab Jordan CargoSmart, Certified Origins, Indian Oil, Intelipost, MTO, Neurosoft, Nigeria Customs, Sofbang, Solar Site Design, Investment Bank, and TradeFin among others. This service enables organizations to quickly build blockchain network solutions, in driving more efficient and secure transactions, and also the better tracking of goods through the supply chain on a global scale.
Blockchain has the potential to transform the method of transacting businesses in every industry, through efficient interaction, transparent and cost-effective services. The Oracle Blockchain service gives customers a development platform to graft their network and also integrate with SaaS and other third-party applications already in use, and other Blockchain network and Oracle PaaS services. According to Amit Zavery, executive vice president of Oracle’s Cloud Platform, states,
“The goal for us is to make it very simple for any developer to build a blockchain-based application” he further states “It’s enterprise-grade capable so that it can scale, it’s secure, it understands the intricacies of an enterprise-based application with a set of APIs.”
Oracle Blockchain cloud service is “future proofed” according to Zavery. As customers add new features to the evolving Hyperledger specification, there won’t be the need for customers to rewrite the company’s application. To this, he said, “We provide them with a set of abstractions – APIs – so they can keep using [the blockchain distributed ledger] while adding new features that may be happening in the blockchain ecosystem.”
Amit Zavery, also stated that “Blockchain promises to be one of the most transformative technologies of our generation.”
“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 distribution networks more easily, transparently and securely than ever before.” states Zavery.
According to Sanchit Vir Gogia, Chief Analyst, Founder & CEO, Greyhound Research, he states “… 7 in 10 global organizations that are currently undertaking pilots are worried about scalability, deployment flexibility and security. Oracle has made a credible attempt in Blockchain by way of solving key issues around support for interoperability with non-Oracle Hyperledger Fabric instances and pre-packaging blockchain APIs. The key for Oracle is to work with country-specific customers, consortiums, and partners to ensure its platforms and solutions are truly relevant for the local context.”
The service can be used without a contract, through pay as you go service, yearly, or multi-year option, and there are 30 days free trial for customers to check out the services.