Global businesses turn to Oracle Blockchain Service to speed transactions securely

Redwood Shores, US – Bangalore, India: Businesses around the world have been deploying an early adopter version of Oracle Blockchain Cloud Service, since it’s been made available recently. The service allows organizations to easily build blockchain networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale.

Arab Jordan Investment Bank, CargoSmart, Certified Origins, Indian Oil, Intelipost, MTO, Neurosoft, Nigeria Customs, Sofbang, Solar Site Design and TradeFin are among the many global organizations that already have adopted Oracle’s blockchain platform.

Blockchain has the power to fundamentally transform how every industry does business by making interactions more secure, transparent, efficient and cost-effective. Oracle Blockchain Cloud Service provides customers with a development platform to build their own networks, and to quickly integrate with Oracle SaaS and third-party applications they already use, as well as other blockchain networks and Oracle PaaS services.

It also enables users to provision blockchain networks, join other organizations, and deploy and run smart contracts to update and query the ledger. Oracle’s blockchain platform leverages the company’s decades of experience across industries and its extensive partner ecosystem to reliably share and conduct trusted transactions with suppliers, banks, and other trade partners through blockchain.

“Blockchain promises to be one of the most transformative technologies of our generation,” said Amit Zavery, EVP – Oracle Cloud Platform. “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.”

Oracle’s blockchain platform is built on top of The Linux Foundation’s Hyperledger Fabric. It is pre-assembled with all the underlying infrastructure dependencies, container lifecycle management, event services, identity management, REST proxy, and a number of operations and monitoring tools integrated under a single console, expediting the set-up and application development process. Oracle Blockchain Cloud Service is an Oracle-managed cloud platform backed by a 99.95 percent availability SLA, with built-in high availability configuration, autonomous recovery agents, as well as continuous ledger backup capabilities that can enable multi-datacenter disaster recovery across availability domains.

It further benefits from broad capabilities in Oracle Cloud Platform for plug-and-play integration with existing cloud and on-premises applications, API management, and application development environments and tools. Additionally, Oracle is delivering new SaaS applications to use blockchain technology for common use cases, such as track and trace, provenance identification, warranty and usage, and cold chain. The plug-and-play ability with Oracle and third-party applications results in faster integration with diverse systems of record; greatly accelerating time to market and multiplying the returns from using the blockchain platform across different application use cases.

“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,” said Robert Parker, Group VP – Manufacturing and Retail Insights, IDC. “As spending accelerates, buyers will need an enterprise class platform beyond open source that includes data security and integrity, scalability, manageability, and interoperability.”

“Blockchain has been particularly valuable in verticals with no common standards and regulatory frameworks and has helped bring in transparency to create trust between governments, organisations and citizens. Having said that, as per our ongoing market tracking, 7 in 10 global organisations that are currently undertaking pilots are worried about scalability, deployment flexibility and security. Oracle has made a credible attempt in Blockchain by way of solving key issues around support for interoperability with non-Oracle Hyperledger Fabric instances and pre-packaging blockchain APIs. The key for Oracle is to work with country-specific customers, consortiums and partners to ensure its platforms and solutions are truly relevant for the local context,” said Sanchit Vir Gogia, Chief Analyst, Founder & CEO, Greyhound Research.

“More and more Indian businesses are contemplating the use of distributed ledger technology such as blockchain to overcome this trust challenge and ensure regulatory compliance, especially where they are dealing with/managing contractual relationships. Along with faster, more secure transactions, blockchain enables businesses to increase operational efficiencies, improve cost effectiveness and engage customers better. Though blockchain has seen a lot of initial success in the financial sector, it’s quickly gaining ground in other sectors – from healthcare to the public sector, oil & gas to the education space. While many Indian customers are already a part of our early adopter program, we’re now making this service available to our larger customer base,” said Vaibhav Gawde, Head-Solution Consulting, Oracle India.

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