Software Giant Oracle to Offer Blockchain Products
Software giant Oracle Corporation divulged plans to roll out blockchain software starting this month in a bid to compete with cloud service giants AWS and Microsoft Azure. The American tech company is jumping on the blockchain bandwagon to offer products that are powered by the revolutionary distributed ledger technology.
Oracle Enters Blockchain Arms Race
The world’s second-largest software company, behind only Microsoft Corporation, will begin offering blockchain-based products over the course of the next two months, as reported by Bloomberg. In an announcement from company headquarters, Oracle’s President of Product Development Thomas Kurian stated that a “platform-as-a-service” product will be unveiled this month. Moreover, the company will also launch DApps in June.
Several tech companies have explored distributed ledger technology and those that haven’t risk falling behind the curve. At present, Oracle has partnered with Bank de Chile to record inter-bank transactions on a hyperledger. The tech giant is also working with the Nigerian government to track and document import duties leveraging distributed ledger technology. Oracle will also offer its blockchain products to pharmaceutical companies to administer supply chain networks.
Last year, the software company launched the “Oracle Blockchain Cloud Service” to facilitate business-to-business interactions more securely and effectively. At the time, Amit Zavery, Senior Vice President of Oracle Cloud Platform stated:
“Oracle Blockchain Cloud Service provides enterprise-grade blockchain capabilities and can accelerate innovation for on-premises ERP and cloud-based Software-as-a-Service (SaaS) and Platform-as-a-Service (PaaS) customers.”
Multinational Companies Amazed by Blockchain Technology
Distributed ledger technology has been deployed across many industries. Redwood Shores-based software company, Oracle, has also partnered with other companies on blockchain-based projects. Oracle signed a memorandum of understanding (MOU) with South Korea’s leading bank Hana Bank to develop a loyalty trading platform using distributed ledger technology.
When it comes to blockchain technology, IBM has been the front-runner among fellow tech companies. Earlier this year, IBM revealed that 400 of its customers had embraced the revolutionary distributed ledger technology. Recently, multinationals around the world have been joining the blockchain technology arms race.
Last month, Samsung was also contemplating leveraging distributed ledger technology to manage its supply and logistics network in a bid to reduce costs by up to 20 percent.
Will the future see more multinational companies enter the blockchain revolution? Share your views in the comments section below.
Images via Pxhere, Pixabay
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