The blockchain technology has been around for close to a decade now but it is only now that tech firms are finally catching on to it. While a number of smaller firms and startups have adopted the blockchain tech - market heavyweights are yet to catch on. Oracle, the second largest software firm in the world, is now looking forward towards making use of the blockchain technology as it gets ready to launch blockchain-based products soon.
As confirmed by Thomas Kurian, president of product development at Oracle, the company will be introducing a platform-as-a-service blockchain product sometime this month - while decentralized, ledger-based applications will be introduced from next month onwards.
Kurian also revealed that Oracle is working with various clients across the world over this technology. Banco de Chile is a client of the company for which Oracle is developing a system to log inter-bank transactions on a hyperledger. In addition to the Bank of Chile, Oracle is also working with the Government of Nigeria to introduce a blockchain based system for storing documents in the country. The Government of Nigeria primarily wants to store customs and import duty documents over a blockchain system.
It was further pointed out that Oracle plans to pitch their blockchain-based products to pharma countries across the world. This system would help the pharmaceutical organizations keep a track of their batches of medicines. Interestingly, such a system is currently also being developed by the Government of India - which will help the country take a major step forward towards its fight against counterfeit drugs.
While Oracle is launching their first blockchain based products and services now, the company has been actively involved in the blockchain community for quite some time now. Last year, Oracle joined the Hyperledger project initiated by the Linux Foundation. The aim of the project was to promote the blockchain technology as well as to make it simpler and easier. Interestingly, late last year, Oracle also launched their Blockchain Cloud Service.
Blockchain Adoption On the Rise
The blockchain bandwagon is getting bigger with every passing day. With time, industry bigwigs such as Oracle have now started launching blockchain products. The technology has found use across various sectors ranging from banking, finance and insurance sectors to logistics and supply chain management. There seems to be a new blockchain based product coming out on a daily basis - which is a good sign for the technology.
Recently, the likes of PricewaterhouseCoopers and the Bank of America started exploring the potential of the blockchain technology. PwC, one of the biggest auditing and accounting firms of the world - is now looking forward to integrating the VeChain blockchain systems in their organization. The Bank of America is expected to make use of blockchain systems for payments processing.
It isn’t just organizations, but countries and international governments which are looking forward to implementing this technology. Recent reports indicate that Indonesia is aiming at becoming a blockchain-friendly country. Governments of Dubai, Singapore and India, as well as China have been promoting the blockchain technology in their respective regions. With Oracle now launching blockchain based products, the technology is all set to get a much-needed boost.
