Oracle Blockchain Platform Hits The Market
Oracle’s blockchain platform is set to open for business in the coming days. Oracle had been testing the new blockchain platform in pilot programs with early adopting customers in recent months. After seeing success in the trials, Oracle decided to bring the offering into full production.
The service provides software and server infrastructure for customers to set up and manage networks of distributed ledgers, the tech at the heart of cryptocurrencies.
Oracle’s blockchain service arrives months after rivals such as IBM, Microsoft, SAP and others have debuted similar services. Each of these tech giants is banking on blockchain as a way to embed themselves deeply into the complicated, commercial webs that drive businesses in all manner of industries.
Companies can use these novel blockchain databases to help monitor supply chains, track global shipments, make cross-border payments, and more. Indeed Amit Zavery, executive vice president of Oracle’s cloud unit alludes to this when he noted that anywhere there’s data transfer and information flow, blockchain has a potential application.
Stefan Rehm, founder and CEO of Intelipost, a Brazilian logistics firm that graduated from Oracle’s startup accelerator program in February, said he believes blockchain tech can lead to major efficiency gains in his industry.
“We’re figuring out if we can bring everyone together on a common backbone that would solve a lot of issues of data integrity and data security,” he said.
Rehm said enterprise blockchain tech becomes more valuable as more partners get onboard.
“The most difficult part for us is figuring out ROI or return on investment, for every single party to make them invest into production systems,” he said.
One customer, Solar Site Design, a solar energy equipment supplier, has been using the blockchain service to keep tamper-proof records related to solar projects. Another customer, Arab Jordan Investment Bank, has been using it to simplify their electronic fund transfers. Yet another, Certified Origins, an olive oil producer, has been using it for food safety and supply chain tracking.
Oracle’s blockchain service is based on Hyperledger Fabric, a blockchain created by IBM and now maintained by the non-profit Linux Foundation. Oracle joined the Linux Foundation’s blockchain arm in August of last year.