Oracle and IBM Team Up To Tackle Enterprise Blockchain Interoperability
IBM and Oracle are in the process of integrating blockchain networks built on Fabric according to an announcement during the Phoenix Hyperledger Global Forum. Oracle’s senior blockchain director, Mark Rakhmilevich, noted that this initiative began way back in 2018 with SAP onboard as well;
“We have done full testing with IBM and SAP. The three of us have basically done cross-network testing on Fabric.”
This basically means that clients operating on Oracle’s distributed ledgers can as well communicate with another client using IBM within the same network. Blockchain nodes launched on IBM’s and Oracle’s cloud will allow a consortium to join and leverage interoperability features. Mark further highlighted that the long-term goal is to create a simple user interface with all these functions.
Future of Enterprise Blockchains
Blockchain tech is still at its early stages of implementation with the most significant use case being crypto coins. This might however change over time given the adoption of permissioned networks by major players across existing industries. Companies are slowly realizing the value in forming a consortium to share and verify data through distributed ledgers.
Despite the innovations, the regulatory space has not been very supportive of this new technology. According to Mark, Oracle and its partners will still continue with the informal process as they await guidelines;
“Creating the consortium framework is going to take a lot of time, so let's go and start building this while the lawyers are talking, something people can run without having this formal consortium.”
As it stands, Boeing has already jumped on the enterprise blockchain bandwagon. The airplane manufacturer recorded $1 billion worth of parts on Honeywell’s Hyperledger Fabric a week ago. This move will enable Boeing to track its resold parts for safety compliance as well as scale its online market for parts. Notably, the network will operate as a permissioned ledger so as to preserve the data integrity shared within this consortium.