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Blockchain is a ledger of decentralized data that is securely shared.
Blockchain technology enables a collective group of select participants to share data. With blockchain, transactional data from multiple sources can be collected and shared. Data is broken up into shared blocks that are chained together with unique identifiers in the form of cryptographic hashes. Blockchain provides data integrity with a single source of truth, eliminating data duplication and increasing security.
In a blockchain system, fraud and data tampering are prevented because data can’t be altered without the permission of a quorum of the parties. A blockchain ledger can be shared—but not altered. If someone tries to alter data, all participants will be alerted and will know who make the attempt.
To learn more about blockchain, its underlying technology, and use cases, here are some important definitions.
There are two main types of blockhain nodes:
To learn more about blockchain technology, download the complementary Oracle ebook: Blockchain for Dummies
“I see a permissioned blockchain like a family. What I mean by this is family members, they trust each other and protect each other’s back. No guests are allowed in without the formal agreement of all family members. So true family members, they keep private information within the family. It's data privacy. What happens in a family stays in the family. They update each other with all information. Like data privacy, they protect each other's information so they can protect each other and make each other's house secure. So this is the family chain. It is the blockchain. From my point of view, blockchain is all about security, efficiency, and data privacy.”
The use of blockchain technology is expected to significantly increase over the next few years. This game-changing technology is considered both innovative and disruptive because blockchain will change existing business processes with streamlined efficiency, reliability, and security.
Blockchain technology delivers specific business benefits that help companies in the following ways:
From manufacturing to healthcare, blockchain solves a number of complex business issues facing organizations today.
Blockchain is an emerging technology that can work with other technologies, such as artificial intelligence (AI), the Internet of Things (IoT), and machine learning to help users achieve important insights from data.
Traditional IT systems are not built to handle the massive amount of data from an IoT deployment. The volume, velocity, and variety of data produced by IoT networks could overwhelm enterprise systems or severely limit the ability to trigger timely decisions against trusted data. Blockchain’s distributed ledger technology has the potential to address these scalability challenges with improved security and transparency.
Hyperledger is an open source project started by the Linux Foundation to advance global collaboration of blockchain technologies. The main purpose of Hyperledger is to develop open source blockchain implementations that address enterprise goals for scale, performance, and security. Hyperledger supports a neutral, open community of members who contributed code to develop Hyperledger Fabric, the software that many enterprises use as the foundation for blockchain projects.
Oracle is a member of Hyperledger and Oracle Blockchain is built on Hyperledger Fabric, leveraging open source and maintaining interoperability with core protocols.