At OpenWorld, Oracle announced its new Blockchain Cloud Service. The distributed ledger cloud platform is aimed at helping customers to increase business velocity, create new revenue streams, and reduce cost and risk by securely extending ERP, supply chain, and other enterprise SaaS and on-premises applications to drive tamper-resistant transactions on a trusted business network.
Part of Oracle Cloud Platform, Oracle Blockchain Cloud Service delivers an enterprise-grade blockchain platform fully managed by Oracle and provides customers with rapid provisioning and simplified operations with built-in monitoring, continuous backup, and point-in-time recovery.
Blockchain technology has the potential to “fundamentally transform how business is done, making business-to-business interactions more secure, transparent, and efficient,” said Amit Zavery, senior vice president, Oracle Cloud Platform. It will allow organizations to “streamline operations across their ecosystem” as well as expand their market reach with additional revenue streams, and share data inside and outside the Oracle Cloud.
Oracle also recently joined Hyperledger, an open source collaborative effort hosted by the Linux Foundation that seeks to advance cross-industry blockchain technologies. By leveraging open sources and maintaining interoperability with open standards, Oracle says it will enable customers to benefit from all open source innovations, and avoid vendor lock-in.
Additionally, Oracle plans to offer Oracle BlockChain Cloud Service as part of Oracle Platform for Open Banking, and provide connectivity between Oracle FLEXCUBE and other banks to enable greater security, scalability, and transparency in the information exchanged.
More details about the Oracle Blockchain Cloud Service Cloud are available from www.oracle.com.