Oracle Introduces New Blockchain Cloud Service

News | October 3, 2017 By:

Computer software company Oracle has unveiled a new blockchain cloud service that allows customers to build their own blockchain network.

Oracle Blockchain Cloud Service is an enterprise-grade distributed ledger cloud platform that is fully managed by Oracle and provides customers with built-in monitoring, continuous backup, and point-in-time recovery. Oracle claimed the new service would help customers create new revenue streams and reduce costs and risk by securely extending ERP, supply chain, and other enterprise software as a service (SaaS) and on-premises applications to drive tamper-resistant transactions on a trusted business network.

“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,” said Amit Zavery, senior vice president, Oracle Cloud Platform. “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.”

The blockchain cloud service utilizes Intel Xeon Scalable processors.

Oracle and Intel plan to advance these initiatives in the Linux Foundation’s open source project Hyperledger, and Oracle aims to rapidly deploy new capabilities from this collaboration in the Oracle Blockchain Cloud Service.

Oracle said it will be offering the blockchain cloud service as part of Oracle Platform for Open Banking, and provide seamless connectivity between Oracle FLEXCUBE and other banks to enable greater security, scalability, and transparency in the information exchanged.

Frank Xiong, group vice president of product development for the Oracle Blockchain Cloud Service, said that Oracle is already working with companies in a variety of industries on early-access versions of the blockchain. Applications so far include building blockchain networks for a company’s entire supply chain, securely transferring invoices sold for cash, and helping government entities track land ownership and sales.