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Enterprises are facing accelerated growth in their global business operations, dealing with critical information exchanges within and outside their network. In these times, compromising business data is not an option anymore. Enterprises have started to realize the value of their trusted business network that can enable them to perform real-time and secured business to business (B2B) transactions.
Blockchain or distributed ledger technology (DLT) offerings are promising and that motivates 22% of industry CIOs to plan and experiment with this technology and 43% have it on their technology roadmap. This new technology will bring business value to the industry once it is nurtured and cultivated with the addition of enterprise-grade complex use cases. There lays the challenge and also the opportunity for an open, enterprise-grade, in-a-box platform offering.
Oracle Blockchain Cloud Service aims to meet this need in a unique way. It gives you a pre-built platform for building and running smart contracts and maintaining a tamper-proof distributed ledger. You can use this cloud service to build a trusted network for B2B transactions and extend this to enhance and automate your operations beyond the enterprise use cases.
Blockchain cloud service enables us to enjoy real-time information visibility across our entire IT ecosystem which helps in seamless business decisions. This cloud platform helps reduce operational costs by eliminating intermediaries and their related costs. It also addresses time delays by using the peer-to-peer business network, powered by shared common information. The business-critical information records are secured through a foolproof Hyperledger hash algorithm that eliminates the cost of fraud significantly and protects us against single points of failure.
Oracle Blockchain Cloud Service portfolio is a unique enterprise-grade service powered by DLT (distributed ledger technology). This consists of a peer-to-peer network that maintains the distributed ledger and shares information across authorized nodes by executing smart contract code base. Once various peer nodes approve the transaction and consensus arrives, the transaction is then secured, bundled and written to a block and appended to the ledger after validation from networked peer nodes. The service also helps to access information from key external legacy applications using REST API calls. It is scalable, highly available and automatically recoverable. The entire software operation from provision to configuration, monitoring and troubleshooting can be managed through an intuitive web console by setting the right administrative privileges.
The platform helps you to focus on building beyond the enterprise business use cases while taking care of the software and infrastructure needs in the background. It supports the use case using the power of DLT.
Hope to see more enterprise-grade adoptions to realize the benefit of this technology and spur the settings of a foundation for a truly trusted and efficient enterprise.