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World’s Second Largest Software Company ‘Oracle’ Launches Blockchain Products

‘Oracle’ Launches Blockchain Products

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‘Oracle’ Launches Blockchain Products

World’s second largest software company ‘Oracle’ which is listed after Microsoft Corporation is launching Blockchain products in next two months. Oracle Software Development President ‘Thomas Kurien’ announced that the company will unveil a “Platform-as-a-service” product this month and decentralized ledger based applications in June’2018. With this Oracle will be joining the growing list of companies offering products that use digital-ledger technology behind Bitcoin. In brief, tech corporations are seeing big opportunities in the blockchain space and are now in a closely contested race to be ahead on the curve.

The Redwood City based software giant is already having a partnership with Santiago based ‘Banco-de-Chile’ to develop inter-bank transactions on a hyper ledger. Additionally, Oracle is also working with the Government of Nigeria which is aiming to use Blockchain Technology to ensure transparent customs documentation and control its imports. Oracle now plans to pitch its Blockchain platform to pharmaceutical companies for management and monitoring of medicinal supplies.

Last year, Oracle launched the “Oracle Blockchain Cloud Service” to facilitate business-to-business interactions more securely and effectively. At that time, Senior VP of Oracle Cloud Platform ‘Amit Zavery’ stated that,

Oracle Blockchain Cloud Service provides enterprise-grade blockchain capabilities and can accelerate innovation for on-premises ERP and cloud-based Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) customers.

Blockchain Momentum

Blockchain technology is gaining recognition and has so far seen successful adoption by major industries. Last month, Spanish BBVA bank became the first global bank to issue a loan on a blockchain. According to the bank, the use of blockchain technology cut the time needed to complete the €75 million loan process from “days to hours.” South Korea’s electronics giant Samsung also revealed that it would be launching a Blockchain platform to manage its global supply chain. All these developments are a clear indication of the momentum gained by Blockchain across the globe and in various industries.

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