Oracle Corporation opened its annual conference ‘Oracle Openworld’ with a bang, as it announced its new Blockchain service. Yesterday, the SaaS giant joined the likes SAP to compete directly in Blockchain cloud services. Its new Blockchain cloud service aims to give enterprise customers who want to get involved with the Blockchain a fully managed approach.
According to Amit Zavery, senior vice president at Oracle Cloud,
“There are not a lot of production-ready capabilities around Blockchain for the enterprise. There [hasn’t been] a fully end-to-end, distributed and secure Blockchain as a service.”
Mr. Zavery said that the use of Blockchain can “fundamentally transform how business is done, making business-to-business interactions more secure, transparent, and efficient.”
Oracle joins IBM in building their Blockchain cloud service on top of the Hyperledger Fabric project. Oracle had previously announced that they would be building their cloud service on top of the open source Hyperledger this August.
The software giant believes that they can add value and help companies interested in Blockchain technology by offering the base capabilities of the open source technology. They plan to add security and APIs to build Blockchain applications on top.
The company has had interest in Blockchain for a while now, having filed a patent for a Blockchain-based system to improve its internal processes back in September 2016.