Multinational computer technology giant Oracle has announced the launch of Oracle Blockchain Cloud Service – an advanced, enterprise-grade distributed ledger cloud platform with industry-leading resiliency, scalability, and security.

Part of Oracle Cloud Platform, the blockchain cloud service is fully managed by Oracle and provides customers rapid provisioning and simplified operations with built-in monitoring, continuous backup, and point-in-time recovery. It would help 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 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,” said Amit Zavery, senior vice president, Oracle Cloud Platform.

Oracle recently joined Hyperledger, an open source collaborative effort created to advance cross-industry blockchain technologies.

Oracle said that it plans to offer the 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.

"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,” said David Treat, managing director who leads Accenture's global blockchain practice.

"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.

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