Global businesses turn to Oracle Blockchain Service to speed transactions securely

New Delhi : Businesses around the world have been deploying an early adopter version of Oracle Blockchain Cloud Service, which becomes generally available today.

The service allows organizations to easily build blockchain networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale. Arab Jordan Investment Bank, CargoSmart, Certified Origins, Indian Oil, Intelipost, MTO, Neurosoft, Nigeria Customs, Sofbang, Solar Site Design and TradeFin are among the many global organizations that already have adopted Oracle's blockchain platform.

Blockchain has the power to fundamentally transform how every industry does business by making interactions more secure, transparent, efficient and cost-effective. Oracle Blockchain Cloud Service provides customers with a development platform to build their own networks, and to quickly integrate with Oracle SaaS and third-party applications they already use, as well as other blockchain networks and Oracle PaaS services. It also enables users to provision blockchain networks, join other organizations, and deploy and run smart contracts to update and query the ledger.

Oracle's blockchain platform leverages the company's decades of experience across industries and its extensive partner ecosystem to reliably share and conduct trusted transactions with suppliers, banks, and other trade partners through blockchain.

"We are excited to announce the availability of Oracle Blockchain Cloud Service. It is the result of years of R&D alongside our valued partners and customers. 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 executive vice president, Oracle Cloud Platform, Amit Zavery.

"Blockchain projects are quickly moving from pilot to production as enterprises and governments begin to see the inherent value of distributed ledgers and smart contracts," said Robert Parker, group vice president of manufacturing and retail insights, IDC.

Blockchain has the power to impact almost all industries and has applicability to verticals from transportation, supply chain and logistics, energy, retail and ecommerce, to financial services, telecommunications and public sector.

"Oracle's blockchain platform has helped us minimize the complexity of electronic fund transfers by reducing cost, increasing efficiency and security levels, and ultimately improving the overall customer experience," said Ayman Qadoumi, A. Deputy General Manager, Information Technology and Security, Arab Jordan Investment Bank.

"We are using Oracle Blockchain Cloud Service to develop an application to help simplify the complex documentation processes that plague the shipping industry," said Steve Siu, CEO, CargoSmart.

"As the producer of Extra Virgin Olive Oil from fruits grown in small family farms in Italy, we wanted to trace our product that we sell in the US market branded Bellucci Evoo across the entire supply chain - 'from the tree to the shelf,'" said Andrea Biagianti, CIO of Certified Origins.

"Oracle's blockchain platform is agile, easy to develop on and its enterprise-grade scalability makes it an ideal choice for deploying blockchain platforms rapidly," said Juan Jose Miranda, blockchain project manager, Magia Digital.

"We used Oracle's blockchain to build a trusted platform for the automation of Customs Excise Trade business processes and procedures," said Aber T Benjamin, Assistant Comptroller General Modernization, Nigeria Customs Service.

"As a company dedicated to making business-to-business payments and supply chain finance secure, frictionless and ubiquitous using blockchain, we are able to significantly accelerate the time to onboard corporations, their suppliers and banks by using Oracle's blockchain platform," said Amit Baid, CEO, TradeFin.