Oracle steps forward with new expansion to accelerate the adoption of enterprise blockchain


Businesses around the world have already reaped the benefits of blockchain applications built on Oracle Blockchain Platform. Companies using Oracle’s business-ready blockchain have been able to move from experimentation to production by creating new blockchain applications from scratch or adding blockchain functionality to an existing solution.

To support its customers, Oracle has added new features to the platform that help users speed up the development, integration, and deployment of new blockchain applications.

Oracle Blockchain Platform wants to accelerate the adoption of enterprise blockchain by streamlining the process of building and integrating blockchain applications across diverse business networks and connecting them into the relevant business processes within these ecosystems.

Oracle’s enterprise blockchain platform

Using blockchain applications, Oracle customers are establishing new ways to increase trust in diverse ecosystems and increasing the speed, security, and efficiency of a wide range of business processes.

Oracle’s rapidly growing list of global customers with production deployments on its enterprise-grade blockchain platform include:

  • China Distance Education Holdings Limited (CDEL) uses blockchain to share educational records and professional certifications across many educational institutions to help employers and recruiters verify the educational credentials claimed by individuals.
  • Circulor uses blockchain to track conflict minerals from their origin at the mines to processing and use in electronic components to ensure ethical sourcing of raw materials.
  • SERES uses blockchain to bring greater trust and efficiency to electronic invoicing in franchise networks, which share ordering and fulfillment data between franchisors and franchisees.
  • Additionally, Arab Jordan Investment Bank, CargoSmart, Certified Origins, HealthSync, ICS Financial Systems, NeuroSoft, Nigeria Customs, OriginTrail, SDK.Finance, and TradeFin have built or integrated production-ready blockchain applications on Oracle Blockchain Platform.

Blockchain improves the trust relationship between franchisor and the franchises by including best practices and decentralized access to the transactions.  Normally, merchandise acceptance processes are manual and require an operator entering the data into the system. But, for example, when a franchise has economic problems, it can repudiate that delivery, saying that it never received the merchandise. They can manipulate the database and, on the other hand, also the franchisor can manipulate it.

New features on Oracle’s enterprise blockchain platform

With this latest release, Oracle has added unique developer-oriented productivity enhancements and consortium-oriented identity management features, which are critical to diverse organizations conducting business transactions via a blockchain network. New DevOps capabilities make the platform easier to integrate with existing business and IT systems.

New features include:

  • Enhanced world state database to support standard SQL-based ledger queries reducing the complexity of developing chaincode using readily available programming skills, ensure smart contracts can safely rely on the query results, which are verified at transaction commit, and significantly boost performance of rich data queries.
  • Rich history database shadows transaction history into a relational database schema in the Autonomous Data Warehouse or other Oracle databases, which transparently enables analytics integration for interactive dashboards and reports.
  • Enhanced REST APIs for event subscription, blockchain administration/configuration, and monitoring of network health, transaction rates, and other statistics, which simplify integration with existing enterprise IT tools.
  • Identity federation further extends authentication capabilities to work with external identity providers to facilitate consortium blockchains with many diverse participants using their existing identity management systems.
  • Third-party certificate support for registering client organizations on the blockchain network to enable them to use existing certificates issued by trusted third parties.
  • Hyperledger Fabric 1.3 support, which adds many new features based on the evolving open source version, including chaincode development in Java, further leveraging existing enterprise skills, and support for private transactions among a subset of members, preserving privacy and business confidentiality. This demonstrates Oracle’s commitment to stay current with the Hyperledger community by leveraging new releases and contributing to the open source community.

Only Oracle provides a comprehensive blockchain offering, including business-ready Oracle Blockchain Applications Cloud and Oracle Blockchain Platform for developers who need to build or integrate their applications.

 


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Edith Muth

Edith Yue is CryptoMeNow's analyst. She loves to do intensive research on how blockchain will make an impact in our society. You can contact Edith at Edith@cryptomenow.com

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