Not too long ago there was a time when Blockchain used to be a buzzword among startups. There was a popular notion that many of the startups involved in blockchain technology are the unicorns of tomorrow. However, fast forward to this day and you’ll see that unicorns of today have also jumped into the ship of blockchain. Microsoft, IBM, Amazon, and Oracle – all have set their eyes on the blockchain market.
Now, depending on your point of view you can see these developments anyhow – you can think of them as big tech snatching a tool of decentralization from people, or you can think of them as the adoption of blockchain technology. Both these perspectives can (and do) coexist. In fact, both these sides of the coin are quite interactive in themselves, as blockchain solutions developed by many of these big tech corporations are aimed on the needs of startups. But one Big tech company has gone even further by joining hands with startups to help them harness the power of its blockchain platform. We’re talking about Oracle.
Over the course of last few months, Oracle has been doing special efforts to bring more and more blockchain startups under the umbrella of its ‘Oracle For Startups’ program. The program helps promising startups from around the world regardless of their industry and location in growing faster with scale by providing credit, pricing discounts, mentorship and access to other Oracle resources. Last month company partnered blockchan firm Chainlink to provide the startups under OFS program a new decentralized oracle technology that they can use to utilize the power of smart contracts on Oracle’s Blockchain Platform for various business operations. When Forbes Magazine asked Oracle why is it so interested in helping startups with new technologies, here’s what Fernando Ribeiro, company’s senior manager of OFS, told them:
“The Oracle for Startups program exists to enable new businesses to build and expand their products through Oracle Cloud solutions and other resources, which is helping drive stronger ecosystems and innovations that benefit the start-ups, Oracle and our customers. We like to refer to it as building a virtuous cycle of innovation where we can all win. Many of our start-ups are finding revenue generation opportunities as a benefit of being in the Oracle for Startups program. The program is enabling a new generation of start-ups and developers to collaborate, build, and scale on enterprise-grade solutions like Oracle’s next-generation cloud infrastructure and blockchain-as-a-service.”
For any company that is operating at the size and scale of Oracle it can be challenging to innovate. Startups, in comparison, can innovate much faster and without too many hassles. So joining hands with them can allow Oracle to keep a tab on the latest innovations that are going on in the world of tech.
When asked specifically why Oracle is so interested in allowing startups to use its blockchain platform, Ribeiro had this to say:
“We believe the easier you make it for blockchain applications to securely leverage off-chain data sources, the more value they could generate for customers using blockchain, and this collaboration with Chainlink and the wider start-up ecosystem is going to help to test, learn and hopefully validate that. Our start-up program continuously tests, iterates, and learns to advance technology forward. If easier availability of and secure connections with diverse external data sources make blockchain applications more useful, it will drive more customers to Oracle Blockchain Platform. In addition, some of our enterprise customers need their blockchain applications to access data from other enterprise systems, and Chainlink approach could potentially be an interesting way to achieve this.”
Ribeiro also talked about his company’s partnership with Chainlink, and what he sees ahead for the two companies. Here’s what he said:
“We always want to work with pioneers in their fields, like Chainlink, to stay ahead and push innovation forward. This is a big part of our Oracle for Start-ups program mission. I think integrating data sources with blockchain is something that helps to make it more useful, and I would imagine several companies would want to have some capabilities to do this, whether leveraging Chainlink or alternative approaches. As Oracle Blockchain Platform takes off, we want to collaborate on initiatives like this to explore these new opportunities.”
In short, what Oracle is doing is nurturing a number of promising startups who can utilize its blockchain platform for many years to come. Clearly, this move has the potential to generate a lot of revenue. And for startups, on the other hand, it provides a technological solution to many of their challenges that would otherwise remain unsolved. Clearly, it’s a win-win situation for everyone!