Oracle Blockchain Cloud Service

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Oracle Global Startup Ecosystem For Blockchain

Join Oracle’s unique virtual startup accelerator program to quickly prove value and deploy your Blockchain use cases in production with Oracle Autonomous Blockchain Cloud Service with technical mentorship from Oracle’s Blockchain experts and free cloud credits.

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Oracle Blockchain Webcast Series

Join Oracle Blockchain experts to discuss, explore, and understand your future with blockchain.

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Oracle Blockchain Roundtable

Join Oracle Blockchain experts to discuss, explore, and understand your future with blockchain.

 

Blockchain Is One of Today’s Most Disruptive Emerging Technologies

 
10% of the Global GDP will be stored in blockchain technology by 20271
 
$176 Billion business value-add of blockchain by 20252

"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, Oracle Cloud Platform
 

"The technology most likely to change the next decade of business is not the social web, big data, the cloud, robotics, or even artificial intelligence. It’s the blockchain..."

Harvard Business Review "The Impact of Blockchain Goes Beyond Financial Services," May 2016

What Is Blockchain and Why Should You Care?

This will enable customers to extend their current Oracle ERP and SaaS solutions to use trusted business networks for securely conducting B2B transactions in real-time across their ecosystem of trading partners.

—Indranil Mukherjee, Vice President, Head of Oracle Practice, Infosys

A blockchain is a system for maintaining distributed ledgers in a way that allows organizations who might not fully trust each other to agree on ledger updates. Instead of using a central third party or an offline reconciliation process, Blockchain uses peer-to-peer protocols. As a distributed ledger, blockchain provides a near real-time and indelible record that’s replicated among the participants.

Blockchain has the potential to fundamentally transform how global business transactions are conducted. Currently, some business-to-business transactions are routed through third parties to ensure their integrity and protection. These third parties can introduce delays and add costs. Blockchain technology enables the participants in a trusted business network to transact directly, while still ensuring the validity and nonrepudiation of their transactions. Once the proposed transactions are validated and agreement is reached on their results, blockchain participants record them in cryptographically linked blocks that cannot be repudiated.

This technology can help to address many challenges of the enterprise boundary, such as:

  • Enabling trust in peer-to-peer B2B transactions, while avoiding the cost and risks of intermediaries
  • Reducing manual, error-prone information exchange and processes across enterprise boundaries
  • Avoiding the cost and delays of offline reconciliations
  • Reducing cross-ERP discrepancies resulting in settlement risk and poor records
  • Decreasing the cost and high risk of fraud from cross-company transactions
  • Improving real-time information visibility within a trading ecosystem


How a Blockchain Works

  • A blockchain system is a peer-to-peer network of validating nodes. Each node maintains the ledger of facts and history of updates.
  • Changes to the ledger are triggered by transactions proposed by external parties through clients. When triggered by transactions, blockchain participants execute business logic (called smart contracts) and follow consensus protocols to verify results.
  • When consensus is reached under the network’s rules, transactions and their results are grouped into cryptographically secured, immutable data blocks that are appended to the ledger by each participant. All members of the blockchain network can see the same transaction history in the same order.
  • In addition to all of its transactions and their results, each block includes a cryptographic hash of the previous block, which ensures that any tampering with a particular block is easily detected.
IntellectEU Builds on Oracle Blockchain Cloud Service

As a founding member of Hyperledger, IntellectEU was looking for an enterprise blockchain implementation to build their solutions on. Through Oracle’s Industry Solutions group, they found Oracle's Open Banking platform and Blockchain Cloud Service.

Oracle and Accenture Bring Innovative Blockchain Capabilities to Clients
Oracle’s integration capabilities and the ability to add value on top of open source technologies, like Hyperledger Fabric, make Oracle Blockchain Cloud Service a strong contender in the enterprise. Through our initial tests, we were impressed with its pre-assembled approach, ease of integration through the REST APIs, and strong focus on enterprise requirements. We look forward to leveraging the technology to offer new innovative capabilities to our clients.
—David Treat, Managing Director, Global Blockchain Practice, Accenture

The Benefits of Blockchain

Blockchain disrupts the complex and time-consuming process of business-to-business transactions with an alternative that’s transparent, verifiable, and tamper-proof. The benefits for today’s businesses include:


Industries with Emerging Blockchain Use Cases

  •  

    Banking and Finance

    Know your customer, clearing and settlement, trade finance, domestic and cross-border payments, loan origination and post-funding automation, and anti-money laundering.

  •  

    Manufacturing

    Design IP protection, product history tracking, production process assurance, and recalls management.

  •  

    Education

    Student transcript validation and transfer, educator credentialing, and payment of federal/state funds or private grants.

  •  

    Media and Entertainment

    Direct payment to content creators, digital asset security, and know your customer.

  •  

    Government and Public Sector

    Improve welfare distribution, mitigate double taxation, get infrastructure protection, and record of ownership.

  •  

    Retail and eCommerce

    Increase transparency of histories of products, reduction of counterfeit goods, warranty adjudication, and supply chain management modernization.

  •  

    Healthcare and Pharmaceutical

    Serialized track/trace of drugs, digital regulatory submission, clinical trial management, and privacy and sharing of patient health records.

  •  

    Supply Chain

    Supply chain finance, track and trace point of origin, ownership transfer, compliance monitoring.

  •  

    Insurance

    Transactional processing between insurers and investors, claims automation, and fraudulent claims reduction.

  •  

    Utilities

    Asset management, certification of renewable energy and emission allowances, and metering and billing of electricity consumption.


Blockchain Versus Centralized Databases

Blockchain is a distributed ledger that can be directly shared by a group of nontrusting parties—without requiring a central administrator. In contrast, a traditional (SQL or NoSQL) database is controlled by a single entity. It’s an important difference that means:

  • Every node in a blockchain independently verifies and processes every transaction. A node can do this because it has full visibility into the database’s current state, the modification requested by a transaction, and a digital signature which proves the transaction’s origin.
  • Blockchain-powered transactions and data are extremely fault-tolerant due to their built-in redundancy.
  • Data is directly shared across boundaries of trust, without a central administrator.
  • Updates are agreed upon by the participants before they are committed, as opposed to a typical database environment where the updates are committed by each party and then reconciled through cumbersome (and often offline) processes.
  • The overall performance of a blockchain is near real-time because there are no delays from a central clearing house or reconciliation processing, where reviews often take place overnight or over multiple days or weeks.

Hyperledger and Blockchain

Hyperledger is an open source project started by the Linux Foundation to advance cross-industry collaboration of blockchain technologies. As part of its commitment to help enterprises realize the benefits of blockchain, Oracle has joined this global effort. By leveraging open sources and maintaining interoperability with core protocols, Oracle will enable customers to drive the direction and pace of integration across business systems.


Oracle Blockchain Cloud Service

Oracle Blockchain Cloud Service is a new offering that is part of Oracle’s comprehensive platform-as-a service (PaaS) portfolio. Delivered by the world’s most scalable, distributed transaction processing platform provider, Oracle Blockchain Cloud Service is the most comprehensive distributed ledger cloud platform.

Oracle Blockchain Cloud Service provides enterprise-grade blockchain capabilities and is uniquely able to accelerate innovation for on-premises ERP and cloud-based SaaS and PaaS customers.

—Amit Zavery, Senior Vice President, Oracle Cloud Platform

As blockchain technology continues to evolve, Oracle stays on top of the latest capabilities to ensure that your organization stays agile and competitive.

With Oracle Blockchain Cloud Service, you can accelerate revenue, create new revenue streams, and reduce cost and risk by securely extending your business applications and processes while speeding up transactions across your partner ecosystem.

This enterprise-grade blockchain solution enables you to:

  • Deliver Business Results—with the ability to rapidly onboard and easily scale global network participants, your operations run continually with resilience, high availability, and autonomous recoverability. Secure access in a permissioned blockchain is protected by Oracle Identity Cloud Service with behavioral authentication, single sign-on, and key management services.
  • Drive Innovation—for Oracle ERP Cloud, Oracle Supply Chain Management Cloud (SCM), and other applications running in Oracle Cloud and on premises. Extend your enterprise boundaries by enabling new business models and revenue streams from untapped markets with blockchain-verified identity and offerings. Speed up existing business processes with trusted, real-time information sharing across existing Oracle ERP Cloud, Oracle SCM Cloud, Netsuite SuiteCloud Platform, and custom blockchain application integrations.
  • Reduce Risk, Complexity, and Increase Efficiency—by securely automating cross-organization transactions and providing reliable sharing of information—both inside and outside the enterprise boundary. As a result, your organization simplifies compliance and audits, while reducing transaction costs and security and privacy risks. A pre-assembled, managed cloud platform also enables you to simplify operational complexity, dynamically change network configurations, and rapidly identify and resolve issues with real-time monitoring dashboards.
  • Accelerate Time to Market—with a REST API-driven platform and rich integration options in Oracle Cloud Platform. Start developing blockchain applications within minutes without complex setup and provisioning. Leverage API-driven development for cloud and on-premises applications using REST API and API management service to easily invoke blockchain services directly or with integration accelerators from Oracle Cloud.


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1World Economic Forum: Deep Shift—Technology Tipping Points and Societal Impact, September, 2015

2Blockchain: How Real Is the Market?, Gartner Webinars