Oracle introduced Blockchain Cloud Service at its OpenWorld conference on Monday, as the database giant works hard to make its cloud more competitive with IBM’s and Microsoft’s offerings, according to Fortune.
Customers will be able to use the technology to share data securely both inside and outside of the company’s cloud ecosystem. Oracle first announced its blockchain plans in August when it joined the Hyperledger Project. The blockchain service will be generally available to customers by the end of the year.
Blockchain technology has the potential to completely disrupt business-to-business (B2B) transactions across a range of industries, making them more efficient and transparent. These include real estate, insurance, media and entertainment, and healthcare. For example, it took Walmart just two seconds to track a package of mangoes to its farm of origin using a blockchain; it took the company more than six days to track it using standard methods, Fortune notes.
Cloud companies Microsoft, SAP, and IBM have all launched blockchain services over their cloud platforms. Because the technology requires distributed computing resources, public cloud companies are especially well positioned to enable the technology and sell it as a service. Here’s an example of some of the leading players’ efforts:
- Microsoft Azure launched its blockchain-as-a-service (BaaS) offering in November 2015 and has since been steadily rolling out related services, including Enterprise Smart Contracts, which launched in July 2017.
- IBM rolled out its BaaS offering in March 2017 following an announcement the previous April. In September, the company was named the global leader in blockchain technology by Juniper Research.
- SAP currently offers BaaS via an early access program for IT services providers and IT companies. By mid 2018, the company plans to make the technology more generally available.
By becoming dispensers of blockchain technology, cloud companies are well poised to take a chunk of the massive market. And while adoption of the technology has been slow, even within banking and finance, getting in early, before broader adoption, could help these cloud companies gain mind share in the nascent space. By 2025, blockchain technology will represent $176 billion in value-adds for businesses, Gartner projects.
Blockchain technology isn’t just for bankers anymore. Most of the buzz around the distributed ledger has focused on its uses in finance, where it originated. But one of the most promising blockchain trends is its growing disruptive presence in the Internet of Things (IoT).
Companies are pioneering innovative new solutions that use blockchain technology for tasks like tracking goods as they move and change hands in the supply chain, monitoring the location and condition of assets like industrial machinery at remote work sites, or storing medical data. They are also using it to transform the Internet of Things (IoT).
- Explains how firms are already exploring ways to make use of blockchain technology in all sorts of IoT projects.
- Provides an overview of disruption in critical sectors including the supply chain and asset management.
- Analyzes how blockchain technology is poised to see rapid expansion as a tool used in IoT solutions that reduce costs, increase efficiency, and remove reliance on cloud-based platforms.
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