Oracle Corporation (NYSE:ORCL) has launched its blockchain cloud service for the companies recently. It is one of the largest blockchain services for enterprises released until now. Although private corporations have been using this technology in the early stages for some time, now the computer giant and the provider of software service has made it available for the general public on a pay-for basis.
Popularity of Baas is on the rise
With this new development, Oracle has now joined the list of big companies offering blockchain-as-a -service (Baas) for deploying the distributed ledger technology (DLT). Some of the conglomerates who have embraced this technology include IBM Common Stock (NYSE:IBM), Microsoft Corporation (NASDAQ:MSFT), SAP SE (ADR) (NYSE:SAP), Hewlett Packard Enterprise Co (NYSE:HPE), and Amazon.com, Inc.(NASDAQ:AMZN)’s Web Services.
The fully-managed service based on blockchain technology can be used by businesses to automate processes such as tracking goods in the supply chain or even handling the financial transactions of customers with the support from the immutable electronic ledger. In the past few years, the popularity of Baas has increased manifold due to which now businesses can launch proofs-of-concepts for testing the DLT without any capital costs required for internal deployment.
Oracle’s Baas service will be connected to its Cloud Platform, which is a reputed usage and cloud storage provider. The EVP of the Oracle Cloud Platform, Amit Zavery said, “It’s still early stages no doubt. I don’t think there’s any question about the applicability and interest around it.”
Oracle’s Baas based on Hyperledger Fabric Platform
The Californian company firsts previewed building its blockchain cloud service in October last year at OpenWorld. The new Baas offering from Oracle is based on the Hyperledger Fabric Platform of the Linux Foundation’s open source. Hyperledger Fabric Platform is a collaboration tool that is used for building different blockchain distributed ledger networks for businesses including smart contract technology.
The software provider announced that it already has a few early adopters of its Baas offerings. These companies have rolled out proofs-of-concepts and include CargoSmart, Solar Site Design, Certified Origins, Nigeria Customs, Intelipost, TradeFin, Indian Oil, Neurosoft, MTO, and Arab Jordan Investment Bank.