Blockchain Cloud Service Launched by Oracle

Oracle OpenWorld, a company that enables customers to leverage blockchain technology, has revealed Oracle Blockchain Cloud Service. The enterprise-grade distributed ledger cloud platform helps customers increase business velocity, create new revenue streams, and reduce cost and risk by securely extending ERP, supply chain, and other enterprise SaaS and on-premises applications to drive tamper-resistant transactions on a trusted business network.

Part of Oracle Cloud Platform, the platform delivers scalability and security and is managed by Oracle. It provides customers rapid provisioning and simplified operations with built-in monitoring, continuous backup, and point-in-time recovery.

Amit Zavery, senior vice president of Oracle Cloud Platform, stated: “Blockchain holds the promise to fundamentally transform how business is done, making business-to-business interactions more secure, transparent, and efficient. Oracle Blockchain Cloud Service provides enterprise-grade blockchain capabilities and is able to accelerate innovation for on-premises ERP and cloud-based SaaS and PaaS customers. Enterprises can now streamline operations across their ecosystem and expand their market reach with new revenue streams, sharing data and transacting within and outside the Oracle Cloud.”

As part of its goal of helping enterprise customers experience the benefits of blockchain, Oracle recently joined Hyperledger. Hosted by The Linux Foundation, Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. By leveraging open sources and maintaining interoperability with open standards, Oracle enables customers to benefit from all open-source innovations.

Oracle also plans to offer Oracle BlockChain Cloud Service as part of Oracle Platform for Open Banking, and provide connectivity between Oracle FLEXCUBE and other banks to enable greater security, scalability, and transparency in the information exchanged.

Managing director of Accenture’s global blockchain practice, David Treat commented: “Accenture is proud to be one of the early leaders in blockchain and assisting clients with the use of it for new and innovative solutions. Oracle’s integration capabilities and the ability to add value on top of open source technologies, like Hyperledger Fabric, make Oracle Blockchain Cloud Service a strong contender in the enterprise. Through our initial tests, we were impressed with its pre-assembled approach, ease of integration through the REST APIs, and strong focus on enterprise requirements. We look forward to leveraging the technology to offer new innovative capabilities to our clients.”

Indranil Mukherjee, vice president and head of Oracle Practice at Infosys, remarked: “As an early adopter of Oracle technologies, Infosys is pleased to partner on the newly launched Oracle Blockchain Cloud Service. This will enable customers to extend their current Oracle ERP and SaaS solutions to use trusted business networks for securely conducting business-to-business transactions in real-time across their ecosystem of trading partners. Oracle’s investment in a enterprise-grade blockchain cloud platform along with Infosys’ expertise in blockchain will enable Infosys customers to build more secure, transparent and efficient enterprise, and be ready to succeed in the digital economy.”

Vice President of Data Center Group and General Manager at Cloud Service Provider Group, Intel Corporation, Raejeanne Skillern said: “Our collaboration with Oracle is aimed at developing a blockchain cloud service for enterprises that helps to advance the privacy of blockchain transactions and improve the interoperability of traditional databases and blockchains. Intel platforms such as the recently announced Intel Xeon Scalable platform include a broad set of hardware features that help improve blockchain security and performance.”