Oracle launched its blockchain cloud service today, allowing organisations to build their own blockchain networks through the Oracle cloud platform to help monitor transactions and track goods through the supply chain.
The company said blockchain has the power to “fundamentally transform how every industry does business” and claims the new offering will quickly integrate with Oracle SaaS and existing third party applications.
Blockchain technology acts as a distributed ledger or record of ownership – allowing transactions and records to be tracked across several accounts, removing the reliance on a single claim of ownership or responsibility.
The emerging technology is most famous for underpinning cryptocurrencies but has also been touted as a potential disruptor for industries where trust and supply chain transparency is vital, like healthcare, the food industry and digital marketing.
Gartner predicts blockchain hype will peak in 2020 before dipping and then rising to cross the trough of disillusionment in 2024. While McKinsey research also suggests commercially viable blockchain solutions deployed at scale are still at least three to five years away.
From today, Oracle is offering blockchain networks via its cloud platform Oracle Blockchain Cloud Service, following a pilot program that included customers such as Arab Jordan Investment Bank, CargoSmart, Indian Oil, Intelipost, MTO, Neurosoft, Nigeria Customs, and Sofbang.
According to the Oracle, the new cloud service is backed by a 99.95 per cent availability SLA and includes several backup and disaster recovery options.
A consortium of Oracle blockchain cloud service early adopters identified the platform’s ease of use, interoperability and scalability as standout features, according to a company statement.
“We used Oracle’s blockchain to build a trusted platform for the automation of Customs Excise Trade business processes and procedures,” said a Nigeria Customs Service spokesperson.
“Using this technology, we found the entire business environment can be migrated to blockchain to automate processes and create transparency and predictability.
“Once the transition to blockchain is completed, NCS expects revenue growth increase of about 50 percent. This technology helps our organisation to build global trust for Nigerian businesses through irrefutable data on goods manufactured in the country.”