IT Giant Oracle Confirms General Release Of Its Blockchain Cloud Service

US computer technology multinational Oracle affirmed the general release of its blockchain platform in an official public statement July 16. The launch takes after a progression of trials with banking, business and government customers.

Oracle Blockchain Cloud Service (OBCS) concentrates on proficiency and supply chain authentication, utilizing Hyperledger Fabric as its premise.

Existing clients of a pre-release form of the product incorporate Arab Jordan Investment Bank (AJIB), Indian Oil and Nigeria Customs, as indicated by the public statement.

“Blockchain promises to be one of the most transformative technologies of our generation,” Oracle Cloud Platform executive VP Amit Zavery said.

“…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.”

Oracle isn’t the only one in its leverage to use blockchain for supply chain and transaction streamlining. As Cointelegraph detailed Monday, Accenture is amidst a concerted push to convey similar outcomes focusing on the aerospace industry, also with Hyperledger Fabric.

Among banks, current views of blockchain are mixed, with a few organizations scrutinizing the genuine estimation of the technology for the banking division.

For transactions, others in the meantime seem positive, AJIB praising Oracle after utilizing the pre-release version of the cloud platform.

“Oracle’s blockchain platform has helped us minimize the complexity of electronic fund transfers by reducing cost, increasing efficiency and security levels, and ultimately improving the overall customer experience,” the organization’s deputy general chief of information technology and security Ayman Qadoumi said.