Oracle Corp has formally launched a blockchain cloud platform, joining other tech giants such as IBM and Microsoft in offering blockchain-as-a-service for firms that wish to deploy distributed ledger technology at low cost.
The Oracle Blockchain Cloud Service allows businesses to automate processes over immutable blockchain networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale, according to an announcement.
Oracle said the service provides customers with a development platform to build their own networks, and to quickly integrate with Oracle and third-party applications they already use, as well as other blockchain networks, also enabling users to deploy and run “smart” contracts.
In addition, Oracle is delivering new software-as-a-service applications to use blockchain technology for common use cases, such as track and trace, provenance identification, warranty and usage, and cold chain.
Arab Jordan Investment Bank, Indian Oil, Nigeria Customs, shipping management firm CargoSmart, and Intelipost are among early adopters of the enterprise-class distributed ledger service, according to the press release.
“Blockchain promises to be one of the most transformative technologies of our generation,” Amit Zavery, executive vice president, Oracle Cloud Platform, said in the announcement.
Oracle’s blockchain platform is using The Linux Foundation’s Hyperledger Fabric as its basis. The Hyperledger open source project is supported by IT giants such as IBM, Intel, Airbus, Daimler, and financial institutions including JP Morgan, with the aim of improving cross-industry blockchain technologies.
Tech giants have been flocking to provide blockchain-as-a-service offerings in recent years. IBM, Microsoft, SAP and Amazon Web Services are among those that have launched blockchain platforms to allow businesses to test the distributed ledger technology.
Consultancy firm Accenture announced on Monday that it has partnered with French multinational aerospace firm Thales Group to update aircraft supply chains using blockchain based on Hyperledger Fabric.
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