9 Oct, 2019

Oracle, Indian Oil Collaborate to Leverage Blockchain Technology

In a surprise move, technology giant Oracle announced that it will be launching Oracle Blockchain Cloud Service.

The service will allow interested technologically-inclined customers with a development platform to build their own networks. It will also help the connected customers to quickly integrate with Oracle SaaS and third-party applications they already use, as well as other blockchain networks and Oracle PaaS services.

Announcing the development, Amit Zavery, executive vice president, Oracle Cloud Platform said, “Blockchain promises to be one of the most transformative technologies of our generation. 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.”

The platform is built on on top of The Linux Foundation’s Hyperledger Fabric. Robert Parker, group vice president of manufacturing and retail insights, IDC said, “Blockchain projects are quickly moving from pilot to production as enterprises and governments begin to see the inherent value of distributed ledgers and smart contracts. As spending accelerates, buyers will need an enterprise class platform beyond open source that includes data security and integrity, scalability, manageability, and interoperability.”

Interestingly, Oracle has an Indian connection. One of Oracle’s many many partners, that will leverage the company’s blockchain network include, Indian Oil. The other companies are Arab Jordan Investment Bank, CargoSmart, Certified Origins, Intelipost, MTO, Neurosoft, Nigeria Customs, Sofbang, Solar Site Design and TradeFin.

However, it is yet unclear as to how exactly the companies will leverage the technology.