Oracle Launches Blockchain Service Platform, Application

Its first clients are Bank of Chile, the Nigerian government and pharmaceutical companies

by Marin Marinov
09 May • 2 min
In Tech

Software giant Oracle Corp. is set to launch its blockchain-as-service platform this month and an application in June, Bloomberg reported on Tuesday.

Thomas Kurian, president of product development at Oracle, unveiled the company`s plan on Monday. The first clients are Bank of Chile, the Nigerian government and pharmaceutical companies.

Bank of Chile, the second largest commercial bank by assets after Santander-Chile, will use Oracle blockchain platform to log inter-bank transaction on a hyperledger.

Blockchain technology

The technology behind cryptocurrency has various usages in the banking system. Blockchain has the potential to meaningfully lower the costs and time involved in cross-border banking transactions,  credit rating agency Moody’s concluded in a report last month. US JP Morgan Chase has filed a patent application for blockchain-based inter-bank solution and IBM, together with Swiss bank UBS, has completed the first ever live trade transactions by using the technology behind Bitcoin (BTC).

The  Nigerian government wants to document customs and import duties on blockchain, according to Bloomberg. Developed as a Distributed Ledger Technology (DLT), the cryptocurrency technology can be used for tackling corruption problems by tracking all activities and preventing manipulation of the information once it is submitted.

Nigeria, the largest African economy, has a major problem with corruption. The country is ranked 148 out of 180 countries in the 2017 Transparency International Corruption Perception Index.

three high buildings
Oracle`s Headquarters/Image`s source: under CC BY-SA 2.0

Oracle`s products will also be used in the pharmaceutical industry to track and trace batches of medicine, that may assist in product recalls.

Software companies and blockchain

Oracle entered the crypto world last year by launching a blockchain cloud service. It is aimed at enabling organizations to securely use business applications and faster inter-company transactions.

“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 Oracle Cloud Platform said after the launching of the project. “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,” Zavery said in a press-release.

Oracle Cloud Platform is based on the so-called hyperledger, a Linux project that unites more than 200 global companies, including Intel, SAP American Express and Huawei.

On Monday,Microsoft revealed its Azure Blockchain Workbench that aims to reduce application development time from months to days. Microsoft owner Bill Gates, however, is skeptical about Bitcoin describing it as “one of the crazier, speculative things” he has seen, in concert with a number of high ranking corporate figures that are eager to draw a line between cryptocurrencies and their technology.