Despite its popularity amongst the crypto community, blockchain technology has yet to truly break into enterprise software. However, cloud software giant Oracle has officially joined Microsoft and IBM in the enterprise blockchain space. In a press release last week, Oracle announced that they would add blockchain technology to their cloud suite some time in 2018.
Frank Xiong, Oracle’s group vice president of Blockchain Cloud Service, stated:
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“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.”
An Addition to the Oracle Enterprise Suite
This new distributed ledger service will provide enterprise customers with tools that improve supply chain efficiency and provide tamper-resistant transactions. “Blockchain holds the promise to fundamentally transform how business is done, making business-to-business interactions more secure, transparent, and efficient,” said Oracle.
The Oracle Blockchain Cloud Service will provide clients with enterprise-grade blockchain capabilities and to ultimately accelerate innovation for on-premises ERP and cloud-based SaaS and PaaS customers. Oracle’s enterprise clients will now be able to expand their market reach with new revenue streams, sharing data and transacting within and outside the Oracle Cloud.