How blockchain could be the key to business transformation

Businesses around the world have been deploying an early adopter version of Oracle Blockchain Cloud Service.

The service allows organisations to easily build blockchain networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale.

Blockchain supposedly has the power to fundamentally transform how every industry does business by making interactions more secure, transparent, efficient and cost-effective.

Oracle Blockchain Cloud Service provides customers with a development platform to build their own networks and to quickly integrate with Oracle SaaS and third-party applications they already use, as well as other blockchain networks and Oracle PaaS services.

It also enables users to provision blockchain networks, join other organisations, and deploy and run smart contracts to update and query the ledger.

Oracle's blockchain platform leverages the company's decades of experience across industries and its extensive partner ecosystem to reliably share and conduct trusted transactions with suppliers, banks, and other trade partners through blockchain.

Oracle's blockchain platform is built on top of The Linux Foundation's Hyperledger Fabric.

It is pre-assembled with all the underlying infrastructure dependencies, container lifecycle management, event services, identity management, REST proxy, and a number of operations and monitoring tools integrated under a single console, expediting the set-up and application development process.

Oracle Blockchain Cloud Service is an Oracle-managed cloud platform backed by a 99.95% availability SLA, with built-in high availability configuration, autonomous recovery agents, as well as continuous ledger backup capabilities that can enable multi-data center disaster recovery across availability domains.

It further benefits from broad capabilities in Oracle Cloud Platform for plug-and-play integration with existing cloud and on-premises applications, API management, and application development environments and tools.

Additionally, Oracle is delivering new SaaS applications to use blockchain technology for common use cases, such as track and trace, provenance identification, warranty and usage, and cold chain.

The plug-and-play ability with Oracle and third-party applications results in faster integration with diverse systems of record; greatly accelerating time to market and multiplying the returns from using the blockchain platform across different application use cases.