Oracle Corp. (NYSE: ORCL) has announced the launch of its own blockchain platform, which is designed to increase the efficiency of transactions and authentication processes in the supply chain. The official launch was preceded by a series of tests with the participation of customers from the banking industry, business, and governmental sector.
Oracle Blockchain Cloud Service (OBCS) is built on Hyperledger Fabric technology and is focused on achieving maximum efficiency in the transfer of transactions. According to the company's press release, the current clients of Oracle's blockchain are, among others, Arab Jordan Investment Bank (AJIB), Certified Origins, Intelipost, MTO, Neurosoft, Sofbang, Solar Site Design, Tradefin, Indian Oil, Nigeria Customs Service, CargoSmart.
Oracle Blockchain Cloud Service aids firms with setting up blockchain networks for safer operations and tracking of goods on supply chains globally while also creating their own channels for secure information exchange and rapid integration with Oracle SaaS and PaaS-services.
Hyperledger Fabric from Linux Foundation has become the base for a new site, which not only speeds up the development of applications but also their setup. The Service provides identity management tools, a REST proxy server, event services, etc.
According to Robert Parker, vice president of the analysis group for IDC, as customers spend more money, they will need a corporate platform that is more functional than the open source software “that includes data security and integrity, scalability, manageability, and interoperability."
Oracle presented its corporate blockchain service back in October 2017. But, the company has not become a pioneer in this direction since May last year, SAP launched the SAP Cloud Platform Blockchain service, while two years earlier a cloud-based blockchain service was also launched by IBM.
According to Marie Wieck, IBM’s blockchain general manager, broader use of blockchain would bring about an estimated $3.1 trillion in benefit to the global economy by 2030
Oracle is also not the only firm that wants to use blockchain in the supply chain and processing money transfers. Another similar project by Accenture is aimed at creating a decentralized platform for the aerospace