Oracle’s Blockchain Cloud Service Officially Launches

Announcements, Blockchain | July 18, 2018 By:

Computer software company Oracle has formally launched its enterprise-grade distributed ledger service that allows organizations to easily build blockchain networks.

Headquartered in Redwood Shores, California, Oracle specializes primarily in developing and marketing database software and technology, cloud engineered systems and enterprise software products — particularly its own brands of database management systems. In 2015, Oracle was the second-largest software maker by revenue, after Microsoft.

The Oracle Blockchain Cloud Service (OBCS), first announced in May of this year, was built on top of Hyperledger Fabric. It is pre-assembled with all the underlying infrastructure dependencies, container lifecycle management, event services, identity management, REST proxy, and several operations and monitoring tools integrated under a single console, expediting the set-up and application development process.

“Companies are increasingly testing and seeing the value blockchain technologies can offer their organizations, from streamlining internal processes to building trusted networks with partners, customers and third parties,” said Brian Behlendorf, Executive Director, Hyperledger. “Based on Hyperledger Fabric, Oracle’s platform, with its support for interoperability with non-Oracle Hyperledger Fabric instances, will help build further support for open standards and interoperability, while illustrating how quickly, easily and securely businesses can begin utilizing blockchain to improve business processes.”

OBCS also has built-in high availability configuration, autonomous recovery agents and continuous ledger backup capabilities that can enable multi-datacenter disaster recovery across availability domains. Oracle is also introducing new software as a service (SaaS) blockchain applications, which allow users to perform tasks such as track and trace, warranty and usage, provenance identification, and cold chain.

“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,” Oracle said. “It also enables users to provision blockchain networks, join other organizations, and deploy and run smart contracts to update and query the ledger.”

The pre-release version of the service is already being used by a number of businesses to help ease transactions, track goods through supply chains, and reduce costs. These include Arab Jordan Investment Bank, CargoSmart, Certified Origins, Indian Oil, Intelipost, MTO, Neurosoft, Nigeria Customs, Sofbang, Solar Site Design and TradeFin.

“Oracle’s blockchain platform has helped us minimize the complexity of electronic fund transfers by reducing cost, increasing efficiency and security levels, and ultimately improving the overall customer experience,” said Ayman Qadoumi, A. Deputy General Manager, Information Technology and Security, Arab Jordan Investment Bank. “The built-in features such as identity management and data encryption made it an ideal choice given our industry requirements and compliance needs. Additionally, the REST APIs helped us and our vendors accelerate application development and integration with existing core services.”

“We are using Oracle’s blockchain cloud service to develop an application to help simplify the complex documentation processes that plague the shipping industry,” said Steve Siu, CEO, CargoSmart. “The comprehensive nature of Oracle’s blockchain cloud platform has allowed us to quickly build prototypes into viable products in several 12-week sprints. So far, we have seen proven productivity gains of over 30% as compared to the other blockchain platforms we tried.”