Oracle Announces The Release of Its Blockchain Cloud Service Platform

Last Updated: July 18, 2018 at 1:09 PM EST

US Tech Giant, Oracle, has announced the launching of its blockchain cloud service platform after series of initial trials with business, banking, and government clients. According to an official release by Oracle, the blockchain platform is based on Linux Foundation’s Hyperledger Fabric, and it will focus on the efficiency of transactions as well as the authentication of the supply chain.

The  Blockchain Cloud Service will reportedly provide a safe environment to its users to test and develop their own networks. Apart from this, clients will be allowed to integrate Oracle’s Platform-as-a-Service, Software-as-a-Service (SaaS), and third-party applications. The SaaS blockchain application enables clients to carry out tasks such as provenance identification, track and trace, warranty and usage, and cold chain.

Users of the blockchain platform are also allowed to program and test smart contracts which enables it to query the ledger, procure blockchain networks and join other organizations. Oracle Cloud Platform’s executive vice president, Amit Zavery, stated that:

 “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.”

As a framework for Oracle’s new platform, Hyperledger Fabric speeds up the process of developing and setting up the application. The platform features container lifecycle management, identity management, REST proxy, event services, as well as necessary infrastructure dependencies.

The Executive Director at Hyperledger, Brian Behlendorf, noted that: “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.”

A Proven Technology

Several global organizations have already adopted Oracle’s blockchain platform, and it has proven to be successful. These organizations include Arab Jordan Investment Bank, Indian Oil, Nigeria Customs Service, Intelipost, MTO, Neurosoft, CargoSmart, Certified Origins, Sofbang, TradeFin and Solar Site Design.

The CEO of CargoSmart, Steve Siu, talked about his company intention of making use of the blockchain platform to streamline the complex operations of the shipping firm. He said that:

“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.”

The CIO of Certified Origins, Andrea Biagianti, also spoke about the company’s plans to use the platform to track their goods right from the manufacturing stage to that of sales. He explained that:“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.”