Oracle announces blockchain-based enterprise service

blockchain

During the Oracle OpenWorld event, Oracle announced its entry into the world of blockchain with a new enterprise-oriented service. It is fully-managed, and built on the open-source Hyperledger Fabric project.

Prior to announcing the project, Oracle joined forces with IBM in building a blockchain service.

"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," Amit Zavery, senior vice president at Oracle Cloud said.

Zavery says this project will help businesses interested in blockchain, a hit-the-ground-running start. That is achieved by taking the basics from the open-source project and adding elements like security, confidential permissions or APIs. According to Zavery, there are also features like monitoring transactions.

"Blockchain is one of the hardest technologies that Silicon Valley-based companies have ignored. Most innovation had been happening in the rest of world," Ray Wang founder and principal analyst at Constellation Research told TechCrunch.

He added, "Larry [Ellison] is heavily focused on cybersecurity at all levels and Oracle’s [blockchain] service focuses in on how to deliver secure transactions."

With the new service, Oracle is moving a step closer to full competition with the likes of Google, Microsoft or Amazon with its Amazon Web Services. In the past few years the company has aggressively been pushing towards the cloud, adding the number and type of services on offer.

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