On Monday, at the Oracle OpenWorld conference in San Francisco, the firm unveiled its Blockchain Cloud Service that allows customers to build their own blockchain network, with Oracle managing the infrastructure behind it.
According to an Oracle press release, the service could help businesses create new revenue streams and securely extend many of their Software as a Service (SaaS) and on-premises apps onto a blockchain network, reducing both risk and cost. The enterprise-grade blockchain platform offers improved resiliency, scalability, and security, the release said.
Being that Oracle is managing the blockchain network in the background, customers can provision rapidly and gain access to simplified operations. Customers will also have built-in monitoring, continuous backup, and point-in-time recovery, the release said.
SEE: IT leader's guide to the blockchain (Tech Pro Research)
"Blockchain holds the promise to fundamentally transform how business is done, making business-to-business interactions more secure, transparent, and efficient," Amit Zavery, senior vice president of the Oracle Cloud Platform, said in the release. "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."
The Applications Integration toolkit in the platform will show users potential integrated applications, as well as provide sample code and templates to make it easier for businesses to integrate blockchain with other Oracle applications, the release said.
The transactional nature of blockchain makes it easier for businesses to share important business information. It can also lower complexity and boost efficiency by automating certain transactions that must occur across the organization. The technology will also help reliably share information both inside and outside the organization, the release said.
Additionally, a REST API-driven platform makes it easy for developers to start building blockchain apps for the platform in much less time.
Initially, Oracle is partnering with firms like Accenture, Infosys, and Intel on its Blockchain Cloud Service.
Oracle also recently joined the Linux Foundation's open source Hyperledger project to help build multi-industri blockchain products and develop standards for the technology.
The 3 big takeaways for TechRepublic readers
- Oracle has unveiled a new Blockchain Cloud Service that will make it easier for businesses to build out their own blockchain network, while Oracle manages the underlying infrastructure.
- Customers will be able to provision apps rapidly, while also improving scalability and resiliency among their business processes, a press release said.
- The platform is REST API-driven, which means developers will be able to build blockchain apps more quickly and easily out of the box.
- The executive's guide to implementing blockchain technology (TechRepublic)
- Oracle rolls out Blockchain Cloud Service (ZDNet)
- Information Security Management Fundamentals (TechRepublic Academy)
- AI? Blockchain? Cloud computing? What technologies are CIOs really investing in right now? (ZDNet)
- Blockchain: The smart person's guide (TechRepublic)
Conner Forrest has nothing to disclose. He doesn't hold investments in the technology companies he covers.
Conner Forrest is a Senior Editor for TechRepublic. He covers enterprise technology and is interested in the convergence of tech and culture.