Oracle To Roll Out Blockchain Platform-As-A-Service This Month

Announcements, Blockchain | May 8, 2018 By:

Computer software company Oracle is planning to launch its own blockchain software later this month.Oracle is the second-largest software company in the world.

Thomas Kurian, Oracle’s president of software development, announced at the company’s headquarters that Oracle will roll out a platform-as-a-service blockchain product this month, followed by decentralized ledger-based applications in June.

Kurian said the California-based company is currently working with clients such as Banco de Chile to use the blockchain for inter-bank transactions and the government of Nigeria for a distributed ledger application that will track import duties. He added that the blockchain products will also be pitched to pharmaceutical companies for the management of medicine supply chains.

Oracle has been helping its customers map blockchain technology to solve wide range of business problems and enable their customers to deliver the target business outcomes. Last year, the company launched its blockchain cloud service that allows customers to build their own blockchain network. It provides customers with built-in monitoring, continuous backup, and point-in-time recovery.

In February of this year, Oracle signed a strategic partnership agreement with Hana Financial Group to establish a global loyalty network (GLN). The network connects numerous digital platforms operated by financial institutions, retailers, merchants, and point providers to enable cross-border exchange and the use of digital assets such as points, mileage, and electronic money.