By
Andy Watson
April 4th, 2024
Follows IBM and Microsoft in chase after enterprise clients who want to build next-gen blockchain-enabled applications, Oracle recently unveiled ‘Oracle Blockchain Cloud Service.’
According to the company’s press release October, 2nd was marked by Oracle announced Oracle Blockchain Cloud Service launch. What does it mean for business? This cloud platform is assigned to help customers to enhance business velocity, produce new income streamlines, and minimize cost and risk.
It’s possible due to Oracle Blockchain Cloud Service is equipped with ERP, supply chain and other SaaS and on-premises extensions to manage tamper-resistant transactions on a reliable business network.
While IBM and Microsoft have released their own versions of a blockchain cloud service, Oracle is late for this service to provide. But it means nothing because prospects are far-reaching.
“Blockchain promises to fundamentally transform how business is done, making B2B interactions more secure, transparent, and efficient,” said Amit Zavery, Oracle Cloud Platform senior Vice-President.
He continued: “Oracle Blockchain Cloud Service provides enterprise-grade blockchain capabilities and is able to accelerate innovation for on-premises ERP and cloud-based SaaS and PaaS customers. Enterprises can now streamline operations across their ecosystem and expand their market reach with new revenue streams, sharing data and transacting within and outside the Oracle Cloud.”
The blockchain is available for a long time, but still, it’s a dark horse for many people involved in the business world. It’s well-known as the distributed database technology at the heart of cryptocurrencies such as Bitcoin. In fact, blockchain consists of a certain number of trusted partners who are constantly engaged in a business activity and have been vetted for security purposes.
Bitcoin serves as its public ledger of transactions. FinTech companies and other enterprises are attentively following to the technology hoping blockchain starts an era of automated, productive and cybercrime-free record-keeping and transaction system.
The opportunities of Blockchain Cloud service are deserved to be marked. It enables to:
- accelerate business processes via reliable real-time information exchange in terms of existing Oracle ERP Cloud, Oracle SCM Cloud, Netsuite SuiteCloud Platform or custom blockchain application integrations;
- speed up innovations with enterprise borders to expand to eliminate friction in the current business processes and allow new business-models to obtain untapped revenue streams;
- get exceptionally effective business results with easy implementation and scaling the network members all over the world and demonstrating smooth workflow, high availability and self-inclusive recovery;
- cut risks and complexities and increase productivity thanks to the reliable automation cross-organization transactions and inside and outside the enterprise boundary reliable information transferring;
- gear up time for reaching market thanks to enterprises are able to developed software apps without complicated set up and provisioning.
Moreover, Oracle plans to suggest Oracle BlockChain Cloud Service as part of Oracle Platform for Open Banking, and ensure tightly integrated coherence between Oracle FLEXCUBE and other banks. It will provide more security, greater abilities to expand, and transparency to the information exchanged.
As it was mentioned earlier, IBM has become the first company on Blockhain solutions for Enterprise. And it’s not going to stop. The last news on its blockchain activity is about IMB is being integrated into the group of companies (Bank of Montreal (BMO), CaixaBank, Commerzbank and Erste Group UBS Group AG) to build the new platform called Batavia powered by blockchain technology.
It’s expected that this platform will facilitate the process of creating trading networks with multiple parties involved without border restrictions and in absolutely transparent and comprehensible way.