Oracle Corporation (NYSE:ORCL) has announced that its Blockchain Cloud Service is now ready and available for use. In the announcement, the company said that the new service will enable organizations to develop and localize networks on distributed ledgers.
Prior to the launch, the company ran a pilot program for the new blockchain platform. The testing of the platform involved select customers and was done for a couple of months.
In a statement, Executive Vice-President, Oracle Cloud Platform Amit Zavery said that the company has developed a big database hence it is investing in middleware technologies and application portfolio. This, he says, is what made the company develop the blockchain platform.
Oracle Blockchain Service part of the Hyperledger Fabric, which is built on the Linux Foundation. It is a subscription-based service which will help business to transparently track and secure their goods through global supply chains.
Customers can now build their own networks
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According to Oracle, the new offerings will enable customers to build and develop their own blockchain platforms. Additionally, they will be able to quickly and easily integrate their platforms with the Oracle SaaS plus any other third-party applications. The new platform also allows users to tap into other blockchain networks, deploy and operate smart contracts, join other organizations as well as update the ledger.
Increasing adoption of blockchain technology
Many governments and enterprises are continually discovering the inherent value that come with distributed ledgers and smart contracts. Because of this, many projects have moved from incubation and pilot to full production. This increase in spending has led to the emergency of a class of buyers that prefer enterprise class platform. An enterprise platform goes beyond open source and includes other items like interoperability, manageability, scalability, data security and integrity.
Apart from Oracle, several other companies are betting big on blockchain. Amazon, SAP, IBM, and Microsoft are some of the big names in the tech space that have launched projects in the recent past. This rush has been sparked by an increase in demand for blockchain in several sectors. Blockchain has been a major driver of sectors like banking, finance, logistics management, supply-chain management and full scale banking operations.