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"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..."
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:
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’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.”
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:
Know your customer, clearing and settlement, trade finance, domestic and cross-border payments, loan origination and post-funding automation, and anti-money laundering.
Design IP protection, product history tracking, production process assurance, and recalls management.
Student transcript validation and transfer, educator credentialing, and payment of federal/state funds or private grants.
Direct payment to content creators, digital asset security, and know your customer.
Improve welfare distribution, mitigate double taxation, get infrastructure protection, and record of ownership.
Increase transparency of histories of products, reduction of counterfeit goods, warranty adjudication, and supply chain management modernization.
Serialized track/trace of drugs, digital regulatory submission, clinical trial management, and privacy and sharing of patient health records.
Supply chain finance, track and trace point of origin, ownership transfer, compliance monitoring.
Transactional processing between insurers and investors, claims automation, and fraudulent claims reduction.
Asset management, certification of renewable energy and emission allowances, and metering and billing of electricity consumption.
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:
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 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:
Learn more about Oracle Blockchain Cloud Service.
1World Economic Forum: Deep Shift—Technology Tipping Points and Societal Impact, September, 2015
2Blockchain: How Real Is the Market?, Gartner Webinars