Oracle launches blockchain cloud service
Cloud-based blockchain platform lets organisations quickly blockchain-ify their applications and processes
Oracle has officially launched its new blockchain cloud service, which is intended to enable customers to quickly build blockchain-based applications.
The Oracle Blockchain Cloud Service provides customers with a development platform to build their own networks, and to quickly integrate with Oracle SaaS and other third-party applications they already use, as well as other blockchain networks and Oracle 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. Oracle's blockchain platform leverages the company's decades of experience across industries and its extensive partner ecosystem to reliably share and conduct trusted transactions with suppliers, banks, and other trade partners through blockchain.
"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."
Oracle's blockchain platform is built on top of The Linux Foundation's Hyperledger Fabric. It is pre-assembled with all the underlying infrastructure dependencies, container lifecycle management, event services, identity management, REST proxy, and a number of operations and monitoring tools integrated under a single console, expediting the set-up and application development process. Oracle Blockchain Cloud Service is an Oracle-managed cloud platform backed by a 99.95% availability SLA, with built-in high availability configuration, autonomous recovery agents, as well as continuous ledger backup capabilities that can enable multi-datacentre disaster recovery across availability domains.
It further benefits from broad capabilities in Oracle Cloud Platform for plug-and-play integration with existing cloud and on-premises applications, API management, and application development environments and tools. Additionally, Oracle is 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. The plug-and-play ability with Oracle and third-party applications results in faster integration with diverse systems of record; greatly accelerating time to market and multiplying the returns from using the blockchain platform across different application use cases.
The service has been in use by a number of early adopters, including Arab Jordan Investment Bank, CargoSmart, Certified Origins, Indian Oil, Intelipost, MTO, Neurosoft, Nigeria Customs, Sofbang, Solar Site Design and TradeFin.
"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," said Ayman Qadoumi, A. Deputy General Manager, Information Technology and Security, Arab Jordan Investment Bank. "The built-in features such as identity management and data encryption made it an ideal choice given our industry requirements and compliance needs. Additionally, the REST APIs helped us and our vendors accelerate application development and integration with existing core services."