Oracle on Monday rolled out its Blockchain cloud service technology to cater to the companies who wish cut the cost of employing the distributed ledger technology in-house. With this, the company joins other tech giants including IBM, SAP, and Microsoft for offering blockchain technology-based services.
The highlighting features of the Blockchain Cloud Service by Oracle include:-
- Pre-assembled, Managed PaaS enables rapid provisioning and simplifies administration of blockchain networks for reduced costs.
- Plug-and-Play Integrations at 6-10X faster rate with diverse systems.
- An enterprise-grade solution with 99.95% SLA and enhanced security.
- Open to be used on any non-Oracle versions of Fabric.
- 1st and the only one autonomous cloud platform in the industry.
- Expertise and Experience Oracle is impeccable.
Over the past few decades, the industry has seen a booming demand for Blockchain-as-a-service. The first preview of Oracle’s Blockchain Cloud Service was done in October at OpenWorld. The new service by the company is based on the collaboration tool that is used for building blockchain distributed ledger business networks similar to that of the smart contract. The service is based on the open source Hyperledger Fabric Platform which is powered by the Linux Foundation.
As explained by Amit Zavery, Executive Vice President in his statement, the unnecessary processes at an enterprise can be completely eliminated and they can transact with the distributed networks in a better and more transparent way and thus, business will be enhanced with for Blockchain-as-a-service.
On another note, “Blockchain Cloud Service” can also be used by the company for the building of their own networks as it carries the features of the development platform. The new service can easily integrate with third-party applications and Oracle SaaS.
Further, the cloud service will allow its user to provision the blockchain networks and use them for common use cases such as identification, warranty, usage and cold chain.
As per reports by Oracle, there are also a few early BaaS adopters who’ve rolled out proofs-of-concept that include Intelipost, Arab Jordan Investment Bank, Certified Origins, Nigeria Customs, CargoSmart, and Solar Site Design.
Oracle has confirmed that its solution is “future proofed” and as the new features are added in Hyperledger, there is no need to rewrite their company’s application for the customer’s developers which specifically implementing their blockchain.
As enterprises and governments will begin to see the inherent potential of distributed ledgers and smart contracts, Blockchain project would change from pilot to production stage.
There have been mixed perceptions about Blockchain when it comes to banks but the Arab Jordan Investment Bank has praised Oracle after using the pre-release version of the cloud platform.
Ayman Qadoumi, the deputy general manager of information technology and security of Arab Jordan Investment Bank revealed that Oracle’s blockchain platform helped in minimizing the complex electronic fund transfers by making it more cost-effective and efficient and better security levels, and ultimately improving the overall customer experience which is the greatest boon.
It is being said that Accenture will soon deliver similar results targeting the aerospace industry in addition to Hyperledger Fabric which might give Oracle a cut-throat competition.