Oracle Unveils Enterprise Blockchain Strategy

Database Giant Oracle Unveils Enterprise Blockchain Strategy

The company introduced its enterprise-grade blockchain cloud system Monday in its OpenWorld 2017 summit in San Francisco. Together with the first debut — a people launch is expected sometime next year — Oracle becomes the most recent entrant in the “blockchain-as-a-service” ecosystem, linking the likes of IBM and Microsoft, two additional technology majors which are courting enterprise customers using their individual cloud-based distributed ledger resources.

Oracle, according to its statement and announcements from execs, is considering the technologies as a means to expand (and streamline) its present cloud-based offerings, that are mostly aimed toward the digitization of a variety of business purposes.

The company wants to attract both big and small firms, but Frank Xiong, Oracle’s staff vice president of Blockchain Cloud Service, argued that startups looking to test a wise contract or even an application will be able to do so more cheaply with the cloud platform because pricing is based on trade volume.

“This will give them a very good reasonably priced way to start up their application,” he informed Bitcoin Market Insider. “I personally think this will be a huge attraction to such startups.”

For present ERP customers, the platform will provide a way to connect with outside partners and customers, plugging them to inner channels and procedures in a confidential and secure manner.

As Xiong explained:

“This blockchain platform will give them a platform to extend their services beyond their enterprise bundle, which means they can extend them outside to their business partners, advantage customers and so on.”

Although the precise date is not clear, Xiong said that the service will soon be made publicly available some time in 2018.

Dismissing concerns

As one of the largest and most trusted database suppliers on the planet, there’s a perception that Oracle might be potentially cannibalizing its core industry segment by embracing blockchain, a technology that, by its nature, enables the supply of data without having to anticipate a principal administrator.

However, Xiong was quick to dismiss these concerns, together with the notion that blockchains and databases must be seen as competing entities.

“We really think that this can be an advantage to people,” he said, asserting that the thought that blockchains are “distributed databases” isn’t completely accurate.

Because copies of information in a blockchain network have to be maintained by all of the various nodes and peers, he explained, increased adoption of blockchain one of Oracle’s core client base will actually create new demand for your organization’s traditional data storage alternatives.

He continued:

“In traditional computer science, there is just one copy of the database. In blockchain, all of the ledgers are distributed, so actually everybody gets a copy of the data. So this is only going to expand that data storage requirement.”

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