Oracle has launched its blockchain platform. The service will provide software and server infrastructure for customers to set up and manage networks of distributed ledgers. The businesses can use the ledger to track global shipments, monitor supply chains, and make payments. Blockchain is trending globally because it offers a new level of security in business transactions that was not available previously. This platform is being welcomed as security has been at the top of everyone’s list for finding new solutions fast.
“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,” said Amit Zavery, Executive Vice President, Oracle Cloud Platform.
The platform is based on Hyperledger Fabric, a blockchain that was created by IBM. The platform is now maintained by a not-for-profit Linux Foundation. The platform is pre-assembled with identity management, infrastructure services and REST proxy and outsourcing setup. Oracle had joined the Foundation’s blockchain last year. Oracle’s blockchain platform will help minimize the complexity of electronic fund transfers by reducing cost and increasing efficiency and security levels and ultimately improve the overall customer experience.