Oracle sees 10% of global GDP stored in blockchain by 2027

Enabling customers to leverage one of today’s most disruptive emerging technologies, Oracle today announced Oracle Blockchain Cloud Service. The advanced, enterprise-grade distributed ledger cloud platform helps customers increase business velocity, create new revenue streams, and reduce cost and risk by securely extending ERP, supply chain, and other enterprise SaaS and on-premises applications to drive tamper-resistant transactions on a trusted business network.

Oracle sees 10% of the Global GDP will be stored in blockchain technology by 2027

Part of Oracle Cloud Platform, Oracle Blockchain Cloud Service delivers an enterprise-grade blockchain platform with industry leading resiliency, scalability and security. It is fully managed by Oracle and provides customers rapid provisioning and simplified operations with built-in monitoring, continuous backup, and point-in-time recovery.

“Blockchain holds the promise to fundamentally transform how business is done, making business-to-business interactions more secure, transparent, and efficient,” said Amit Zavery, senior vice president, Oracle Cloud Platform. “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.”

As part of its commitment in helping enterprise customers realize the benefits of blockchain, Oracle recently joined Hyperledger. Hosted by The Linux Foundation, Hyperledger is an open source collaborative effort created to advance cross-industry blockchain technologies. By leveraging open sources and maintaining interoperability with open standards, Oracle enables customers to benefit from all open-source innovations, and avoid vendor lock-in.

Delivered by the world’s most scalable, distributed transaction processing platform provider, Oracle Blockchain Cloud Service enables customers to:

* Deliver business results with the ability to rapidly onboard and easily scale the network participants globally, while ensuring that operations run continually with resilience, high availability, and autonomous recoverability.
* Accelerate Innovation with Oracle Cloud Applications by extending enterprise boundaries to reduce friction in existing business processes and enable new business models and opportunity to access untapped revenue streams. The Applications Integration toolkit provides integrated applications, sample code, templates and design patterns to accelerate the integration of Blockchain applications to Oracle SaaS and on premises applications suites.
* Speed up business processes through trusted real-time information sharing across existing Oracle ERP Cloud, Oracle SCM Cloud, Netsuite SuiteCloud Platform or custom blockchain application integrations.
* Reduce risk, complexity, and increase efficiency by securely automating cross-organization transactions, and providing reliable sharing of information both inside and outside the enterprise boundary. Combined, these can help reduce transaction costs, mitigate security and privacy risks for enterprises, and simplify compliance and audits. With a pre-assembled, managed cloud platform, customers can also simplify operational complexity, dynamically change network configurations and rapidly identify and resolve issues with real-time monitoring dashboards. Furthermore, as blockchain technology rapidly evolves, Oracle plans to stay on top of the latest capabilities and helps ensure customers are not exposed to undue risk of technological churn.
* Accelerate time to market with REST API-driven platform and rich integration options in Oracle Cloud Platform. Start developing blockchain applications within minutes without complex setup and provisioning, and leverage API-driven development for cloud or on-premises applications using REST API and API management service to easily invoke blockchain services directly or with pre-built integrations from Oracle Cloud.

Additionally, Oracle plans to offer Oracle BlockChain Cloud Service as part of Oracle Platform for Open Banking, and provide seamless connectivity between Oracle FLEXCUBE and other banks to enable greater security, scalability, and transparency in the information exchanged.

Validation of Out-of-the-box Connectivity and Seamless Integration

“Accenture is proud to be one of the early leaders in blockchain and assisting clients with the use of it for new and innovative solutions,” said David Treat, managing director who leads Accenture’s global blockchain practice. “Oracle’s integration capabilities and the ability to add value on top of open source technologies, like Hyperledger Fabric, make Oracle Blockchain Cloud Service a strong contender in the enterprise. Through our initial tests, we were impressed with its pre-assembled approach, ease of integration through the REST APIs, and strong focus on enterprise requirements. We look forward to leveraging the technology to offer new innovative capabilities to our clients.”

“As an early adopter of Oracle technologies, Infosys is pleased to partner on the newly launched Oracle Blockchain Cloud Service,” said Indranil Mukherjee, vice president, head of Oracle Practice, Infosys. “This will enable customers to extend their current Oracle ERP and SaaS solutions to use trusted business networks for securely conducting business-to-business transactions in real-time across their ecosystem of trading partners. Oracle’s investment in a enterprise-grade blockchain cloud platform along with Infosys’ expertise in blockchain will enable Infosys customers to build more secure, transparent and efficient enterprise, and be ready to succeed in the digital economy.”

“Our collaboration with Oracle is aimed at developing a blockchain cloud service for enterprises that helps to advance the privacy of blockchain transactions and improve the interoperability of traditional databases and blockchains,” said Raejeanne Skillern, Vice President, Data Center Group and General Manager, Cloud Service Provider Group, Intel Corporation. “Intel platforms such as the recently announced Intel Xeon Scalable platform include a broad set of hardware features that help improve blockchain security and performance.”

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