Oracle launches blockchain cloud service for enterprise

To help businesses build Blockchain networks to drive efficient transactions, Oracle has announced to make its "Blockchain Cloud Service" generally available globally including in India from Tuesday.

Indian Oil, Arab Jordan Investment Bank, CargoSmart, Certified Origins, Intelipost, MTO, Neurosoft, Nigeria Customs, Sofbang, Solar Site Design and TradeFin are among the organisations which are an early adoptor of Oracle's blockchain platform.

"We are excited to announce the availability of Oracle Blockchain Cloud Service. 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," Amit Zavery, Executive Vice President, Oracle Cloud Platform, said in a statement.

Oracle "Blockchain Cloud Service" provides customers with a development platform to build their own networks, and to quickly integrate with Oracle software-as-a-service (SaaS) and third-party applications they already use, as well as other Blockchain networks and Oracle platform-as-a-service (PaaS) services.

It also enables users to provision Blockchain networks, join other organisations and deploy and run smart contracts to update and query the ledger, the company said in a statement.

The Blockchain platform is built on top of The Linux Foundation's "Hyperledger Fabric".

Oracle is also delivering new SaaS applications to use Blockchain technology for common use cases, such as track and trace, provenance identification, warranty and usage and cold chain.

"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.