Oracle Builds a Blockchain Cloud Service

Oracle Builds a Blockchain Cloud Service

Oracle has recently announced its new Blockchain Cloud service aiming to make various transactions more secure by the help of blockchain technology.

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Oracle has recently announced its new Blockchain Cloud service aiming to make various transactions more secure by the help of blockchain technology.

The announcement was made at the Oracle OpeWorld conference that was held last week in San Francisco. The new service is part of Oracle`s Cloud Platform.

“We’re introducing blockchain, both as a platform-as-a-service and as a way to do secure transactions: intercompany accounting transactions, procurement transactions, and loyalty programs that span multiple providers in a loyalty network, using blockchain to handle the secure hyperledger.”, according to Thomas Kurian, president of product development at Oracle.

The company is building the blockchain service, while relying on the Linux Foundation`s Hyperledger open source software. Oracle reportedly joined the Hyperledger project in August.

Recently, Oracle joined the Hyperledger consortium because of the consortium’s approach to blockchain using open source collaboration, modular architecture, horizontal/cross-industry technology support, and support for enterprise needs. The Product Marketing Director at Oracle, Eric Jacobson said in a blog post that Oracle looks forward to participating in Hyperledger for the benefit of “our global customer base and the market at large.”

Oracle`s blockchain service claims to help speed business processes by validating information in real-time.

Besides, it will automate transactions across organizations, mitigate security and privacy risks, while simplifying compliance and audits.

The company is using REST API-driven approach for customers who wish to integrate their blockchain service.

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