Making its stride toward Blockchain technology more strong, tech giant Oracle announced Oracle Blockchain Cloud Service at Oracle OpenWorld 2017. Company said that the advanced, enterprise-grade distributed ledger cloud platform will help customers 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 will deliver an enterprise-grade blockchain platform with industry leading resiliency, scalability and security. It is fully managed by Oracle and provides customers rapid provisioning and simplified operations with built-in monitoring, continuous backup, and point-in-time recovery,” said Oracle.
“Blockchain holds the promise 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. “Oracle Blockchain Cloud Service provides enterprise-grade blockchain capabilities and is able to accelerate innovation for on-premises ERP and cloud-based SaaS and PaaS customers. Enterprises can now streamline operations across their ecosystem and expand their market reach with new revenue streams, sharing data and transacting within and outside the Oracle Cloud.”
Oracle recently joined Hyperledger, hosted by The Linux Foundation. Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. By leveraging open sources and maintaining interoperability with open standards, Oracle enables customers to benefit from all open-source innovations, and avoid vendor lock-in, said company.
Oracle Blockchain Cloud Service enables customers to deliver business results with the ability to rapidly onboard and easily scale the network participants globally, while ensuring that operations run continually with resilience, high availability, and autonomous recoverability.
Accelerate Innovation with Oracle Cloud Applications by extending enterprise boundaries to reduce friction in existing business processes and enable new business models and opportunity to access untapped revenue streams. The Applications Integration toolkit provides integrated applications, sample code, templates and design patterns to accelerate the integration of Blockchain applications to Oracle SaaS and on premises applications suites.
Speed up business processes through trusted real-time information sharing across existing Oracle ERP Cloud, Oracle SCM Cloud, Netsuite SuiteCloud Platform or custom blockchain application integrations. Reduce risk, complexity, and increase efficiency by securely automating cross-organization transactions, and providing reliable sharing of information both inside and outside the enterprise boundary. Combined, these can help reduce transaction costs, mitigate security and privacy risks for enterprises, and simplify compliance and audits.
With a pre-assembled, managed cloud platform, customers can also simplify operational complexity, dynamically change network configurations and rapidly identify and resolve issues with real-time monitoring dashboards. Furthermore, as blockchain technology rapidly evolves, Oracle plans to stay on top of the latest capabilities and helps ensure customers are not exposed to undue risk of technological churn.
Accelerate time to market with REST API-driven platform and rich integration options in Oracle Cloud Platform. Start developing blockchain applications within minutes without complex setup and provisioning, and leverage API-driven development for cloud or on-premises applications using REST API and API management service to easily invoke blockchain services directly or with pre-built integrations from Oracle Cloud.
Additionally, Oracle plans to offer Oracle blockchain Cloud Service as part of Oracle Platform for Open Banking, and provide seamless connectivity between Oracle FLEXCUBE and other banks to enable greater security, scalability, and transparency in the information exchanged.