Oracle’s blockchain cloud platform debuted Monday, aiming to improve transaction efficiency and supply chains for banks and businesses.
US computer technology multinational Oracle confirmed the general release of its blockchain platform in an official press release July 16. The launch follows a series of trials with banking, business and government clients.
Oracle Blockchain Cloud Service (OBCS) focuses on transaction efficiency and supply chain authentication, using Hyperledger Fabric as its basis.
Existing users of a pre-release version of the product include Arab Jordan Investment Bank (AJIB), Indian Oil and Nigeria Customs, according to the press release.
“Blockchain promises to be one of the most transformative technologies of our generation,” Oracle Cloud Platform executive vice president Amit Zavery said.
“…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 is not alone in its endeavors to leverage blockchain for supply chain and transaction streamlining. As Cointelegraph reported Monday, Accenture is in the midst of a concerted push to deliver similar results targeting the aerospace industry, also with Hyperledger Fabric.
Among banks, current perceptions of blockchain are mixed, with some institutions questioning the true value of the technology for the banking sector.
For transactions, others meanwhile appear positive, AJIB praising Oracle after using the pre-release version of the cloud platform.
“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,” the company’s deputy general manager of information technology and security Ayman Qadoumi said.
