Tech giant Oracle on 12th Feb Tuesday made an announcement revealing its adoption of Enterprise Blockchain platform worldwide. According to the company, many business organizations around the world are already reaping benefits of the Oracle Blockchain Platform by creating new blockchain applications or adding new blockchain functionality to an existing solution.

Now, to provide more support to its existing users, the company has added new features to the platform that will help the users to speed up the integration, development, and deployment of new blockchain applications.

The company mentioned, “While blockchain can greatly streamline many existing processes surrounding supply chain, identity, cross-border payments, and fraud detection, businesses have struggled to implement blockchain networks within their existing ecosystems. Oracle Blockchain Platform addresses this challenge by streamlining the process of building and integrating blockchain applications across diverse business networks and connecting them into the relevant business processes within these ecosystems.”

The new features of the blockchain platform from the company will include –

  • Rich history database shadows transaction history into a relational database schema in the Autonomous Data Warehouse or other Oracle databases, which transparently enables analytics integration for interactive dashboards and reports.
  • Enhanced REST APIs for event subscription, blockchain administration/configuration, and monitoring of network health, transaction rates, and other statistics, which simplify integration with existing enterprise IT tools.
  • Enhanced world state database to support standard SQL-based ledger queries reducing the complexity of developing chaincode using readily available programming skills, ensure smart contracts can safely rely on the query results, which are verified at transaction commit, and significantly boost the performance of rich data queries.
  • Identity federation further extends authentication capabilities to work with external identity providers to facilitate consortium blockchains with many diverse participants using their existing identity management systems.
  • Hyperledger Fabric 1.3 support, which adds many new features based on the evolving open source version, including chaincode development in Java, further leveraging existing enterprise skills, and support for private transactions among a subset of members, preserving privacy and business confidentiality
  • Third-party certificate support for registering client organizations on the blockchain network to enable them to use existing certificates issued by trusted third parties.

Frank Xiong, group vice president, Blockchain Product Development at Oracle during an announcement said, “Oracle’s continued leadership and investment in enterprise blockchain technology ensures that the platform has all of the critical capabilities organizations need to build blockchain applications to handle their most important business transactions.” He further added, “The number of customers already running blockchain applications based on Oracle’s blockchain platform is a testament to the strength of the technology and the value it brings to a broad range of industries.”