US tech corporation Oracle (NYSE:ORCL) announced on Monday that its Oracle Blockchain Cloud Service has become available for all clients. The move follows months of system testing by early adopters. Businesses and organizations can now use the solution to develop blockchain networks that ensure secure and seamless transactions and would allow streamlining processes in the supply chain. Oracle’s blockchain system is already used by several companies, such as Indian Oil, MTO, Arab Jordan Investment Bank, TradeFin, CargoSmart, Neurosoft, Certified Origins, Intelipost, and Nigeria Customs.
Along with developing their own networks, Oracle Blockchain Cloud Service allows organizations to integrate them with their existing applications, other blockchains, or with Oracle SaaS and Oracle PaaS solutions.
By opening its blockchain as a service option to everyone, Oracle enters the same league with Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT), and IBM (NYSE:IBM), with the last being one of the most active blockchain adopters and promoters.
Amit Zavery, executive VP of Oracle Cloud Platform, said that blockchain was one of the most transformative technologies of our generation. Speaking about Oracle’s blockchain solution, he said:
“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.”
The platform is built on Hyperledger Fabric, the technology provided by Linux-based blockchain project Hyperledger, which also leads a large consortium.
The Linux Foundation’s Hyperledger Fabric undergirds Oracle’s blockchain platform. The service is equipped with all kinds of features like container lifecycle management, event services, ID management, REST proxy, and several operations and monitoring instruments provided under a single console. It can be used with Oracle Cloud Platform for plug-and-play integration with existing applications, API management, and app development tools. Also, Oracle offers SaaS options to apply blockchain for several use cases.
Robert Parker, IDC’s group VP of manufacturing and retail insights, commented:
“Blockchain projects are quickly moving from pilot to production as enterprises and governments begin to see the inherent value of distributed ledgers and smart contracts.”
“As spending accelerates, buyers will need an enterprise-class platform beyond open source that includes data security and integrity, scalability, manageability, and interoperability,” he added.
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