Software Giant Oracle to Debut Blockchain Platform This Month

By: Jerry I.

April 26, 2018 8:54 AM

This month, Oracle Corp will present its platform-as-a-service blockchain product, making it the most recent software company to enter the blockchain industry.

The company will follow up next month with blockchain based apps, according to Thomas Kurian, the company’s president of product development. Kurian said the new product will be compatible with other platforms, according to Bloomberg.

Oracle is teaming with Banco de Chile to log interbank transactions on Hyperledger, Kurian said.

The company is also working with Nigeria’s government in its efforts to document customs and import duties using blockchain technology.

Going forward, Oracle plans to solicit pharmaceutical companies which need to track and trace batches of medicine, as a way to alleviate the burdens of product recalls.

Software Providers Embrace Blockchain

Several software companies have sought to use blockchain technology to simplify processes.

Amazon Inc.’s cloud unit and International Business Machines Corp. have both explored blockchain technology for enterprise uses.

Amazon Web Services (AWS) has introduced blockchain templates for Ethereum and Hyperledger Fabric, providing a fast and easy way to create and deploy secure blockchain networks with open source frameworks. The AWS templates allow users to deploy Ethereum and Hyperledger frameworks with certified AWS CloudFormation templates. Users can focus on building blockchain applications rather than spending time and energy on the manual setup of their blockchain network.

Victor Wong, BlockApps CEO, a Microsoft affiliate designed to provide an enterprise blockchain toolkit to help businesses develop new functionalities, in 2015 cited Oracle’s role as a database provider as a parallel to BlockApp’s role providing tools such as smart contracts for businesses to use to create new functionalities.

Microsoft in 2016 partnered with an Ethereum-based startup, ConsenSys, to deliver blockchain as an enterprise solution for clients of its cloud-based Azure service. ConsenSys is an Ethereum-coder collective that will allow enterprise users on Azure to access Ethereum Blockchain-as-a-Service (E BaaS).

IBM started working on a blockchain project several years ago by forming a unit solely dedicated to the technology with more than 1,500 employees.

Marc Benioff, CEO of Inc., said in March he hoped to introduce a blockchain product this fall at its Deamforce conference.