In a press release published last July 16, US multinational Oracle confirmed the release of its blockchain platform. The release comes after extensive trials with several clients in the banking, business, and public sectors.
Oracle and Blockchain
Oracle’s service, called the Oracle Blockchain Cloud Service (OBCS) is based on the Linux Foundation’s Hyperledger Fabric and is focused on the fields of transaction efficiency and supply chain authentication.
The pre-release version of OBCS has been used by clients such as the Arab Jordan Investment Bank (AJIB), Indian Oil and Nigeria Customs.
Oracle’s Executive Vice President, Amit Zavery, is enthusiastic about the launch, saying:
“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.”
More Blockchain Innovation To Come
Oracle isn’t the only company looking to take advantage of blockchain. Accenture is targeting the aerospace industry with its own blockchain project, and Boeing recently got into the game as well.
Blockchain technology has had a mixed reception from the banking sector, with some questioning the value blockchain brings to the financial world.
Some banks, however, are supportive of the technology, especially in the realm of payments and transactions. One of Oracle’s clients, AJIB, praised the platform after using the pre-release version.
Ayman Qadoumi, AJIB’s deputy general manager of information technology and security praised OBCS, saying:
“Oracle’s blockchain platform has helped us minimize the complexity of electronic fund transfers by reducing cost, increasing efficiency and security levels, and ultimately improving the overall customer experience,”