Oracle Blockchain Cloud Service can help companies reduce friction in business-to-business transactions by eliminating the need for third-party intermediaries, says Mark Rakhmilevich, Oracle Senior Director of Product Management and Strategy.
Oracle Blockchain Cloud Service provides preassembled blockchain code that’s optimised for many standard business processes, including ERP transactions that traditionally require third-party validation. Blockchain addresses the problem of trust between organisations by providing independent validation through a tamper-resistant, peer-distributed ledger, thus eliminating the need for offline reconciliation. “Blockchain can remove the need for intermediaries and replace it with cryptographically secure protocols,” Rakhmilevich said during a presentation this week at Oracle OpenWorld 2017. “It will help companies extend the boundaries of their enterprises.”
He noted that the service is provided as a managed platform as a service so companies “don’t have to stand up new instances for every use case.” In this preassembled service, “all needed components have been provisioned.”
Oracle Blockchain Cloud Service enables customers to:
- Deliver business results with the ability to rapidly onboard and easily scale the network participants globally, while helping to ensure that operations run continuously with resilience, high availability, and autonomous recoverability.
- Accelerate innovation with Oracle Cloud applications by extending enterprise boundaries to reduce friction in existing business processes and enable new business models and opportunity to access untapped revenue streams. The Applications Integration toolkit provides integrated applications, sample code, templates, and design patterns to accelerate the integration of blockchain applications to Oracle SaaS and on-premise applications suites.
- Speed up business processes through trusted real-time information sharing across existing Oracle ERP Cloud, Oracle SCM Cloud, Netsuite SuiteCloud Platform, or custom blockchain application integrations.
- Reduce risk, complexity, and increase efficiency by securely automating cross-organisation transactions, and providing reliable sharing of information both inside and outside the enterprise boundary. Combined, these can help reduce transaction costs, mitigate security and privacy risks for enterprises, and simplify compliance and audits. With a preassembled, managed cloud platform, customers can also simplify operational complexity, dynamically change network configurations and rapidly identify and resolve issues with real-time monitoring dashboards. Furthermore, as blockchain technology rapidly evolves, Oracle stays on top of the latest capabilities and helps ensure customers are not exposed to undue risk of technological churn.
- Accelerate time to market with REST API-driven platform and rich integration options in Oracle Cloud Platform. Start developing blockchain applications within minutes without complex setup and provisioning, and leverage API-driven development for cloud or on-premises applications using REST API and API management service to easily invoke blockchain services directly or with prebuilt integrations from Oracle Cloud.
Additionally, Oracle Blockchain Cloud Service will be offered as part of Oracle Platform for Open Banking and will provide seamless connectivity between Oracle FLEXCUBE and other banks to enable greater security, scalability, and transparency in the information exchanged.
