US multinational IT firm Oracle has announced the general release of its blockchain-as-a-service (BaaS) platform, joining the likes of IBM, SAP and Microsoft.
Announced yesterday, the Oracle Blockchain Cloud Service (OBCS) offers a fully-managed platform built on Hyperledger Fabric, allowing companies to automate processes over an immutable ledger without the complexities and costs associated with bringing the technology in-house.
With a particular focus on facilitating efficient and secure transactions and supply-chain tracking, companies in early trials included Arab Jordan Investment Bank, CargoSmart, Indian Oil, Nigeria Customs and Solar Site Design.
“Blockchain promises to be one of the most transformative technologies of our generation,” said Amit Zavery, executive vice president, Oracle Cloud Platform, adding that the OBCS was “the result of years of R&D”.
“With Oracle’s platform, enterprises can enhance their business, eliminate unnecessary processes, and transact with their distributed networks more easily, transparently and securely than ever before,” said Zavery.
Trials of OBCS have already spanned a wide breadth of industries, including within shipping, banking, energy and food production, with US olive oil firm Bellucci Evoo using the service to demonstrate to customers the production process “from the tree to the shelf”.
Meanwhile, Nigeria Customs Service expects the transition to blockchain to grow revenue by 50%: “This technology helps our organisation to build global trust for Nigerian businesses through irrefutable data on goods manufactured in the country,” said a spokesperson.
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