Oracle is catching up with other tech giants on blockchain, with the general availability of Oracle Blockchain Cloud Service that it announced last year.
Blockchain is the technology that is likely to have a significant impact on the world in next few decades. It underlies the Bitcoin and other cryptocurrencies, but it also has its use cases beyond digital payments.
Oracle said that blockchain has the power to transform the way all industries do their business, by making interactions more secure, transparent, efficient and cost-effective.
The Oracle Blockchain Cloud Service provides organizations a development platform, using which they can build their own blockchain networks. Further the organizations can integrate the new service with Oracle software-as-a-service (SaaS) and platform-as-a-service (PaaS), as well as with other blockchain networks.
Oracle said its blockchain offering will help organizations drive more secure and efficient transactions and to track goods through supply chains on a global scale. The leading companies like Arab Jordan Investment Bank, CargoSmart, Certified Origins, Indian Oil, and more are already using it.
“Blockchain promises to be one of the most transformative technologies of our generation,” said Amit Zavery, executive vice president, Oracle Cloud Platform.
“We are excited to announce the availability of Oracle Blockchain Cloud Service. It is the result of years of R&D alongside our valued partners and customers. With Oracle’s platform, enterprises can enhance their business, eliminate unnecessary processes, and transact with their distributed networks more easily, transparently and securely than ever before.”
Built on top of The Linux Foundation’s Hyperledger Fabric, Oracle’s blockchain platform has been pre-assembled with container lifecycle management, event services, identity management, REST proxy, and operations and monitoring tools.
The company said that its new offering is an Oracle-managed cloud platform backed by 99.95% availability SLA. It comes with built-in configuration, autonomous recovery agents and continuous backup capabilities for multi-datacenter disaster recovery across availability domains.
“Blockchain projects are quickly moving from pilot to production as enterprises and governments begin to see the inherent value of distributed ledgers and smart contracts,” said Robert Parker, group vice president of manufacturing and retail insights, IDC.
“As spending accelerates, buyers will need an enterprise class platform beyond open source that includes data security and integrity, scalability, manageability, and interoperability.”