Oracle Is All Set To Launch Blockchain Products

Learn about the current rage among Tech Corporation. Each is vying to get the top slot in BaaS. 

Oracle Is All Set To Launch Blockchain Products

Why Are Tech Companies Targeting Baas? 

Tech corporations are viewing big opportunities in the blockchain space as they are now in a closely contested race to seize them sooner rather than later. Here the Oracle Corp has announced that it is sure to unveil its blockchain software and it launches its platform as a service blockchain product that is followed by the launch of the decentralized ledger-based applications next month. 

This is where the Redwood City, California based software giant is already having clients on board for its blockchain offerings. Thereby the Santiago based Banco de Chile comes as one of the early clients that Oracle is working with to record interbank transactions on a hyper ledger. It is therefore the world’s second-largest software company working with the government of Nigeria, aiming to document customs and import duties on a blockchain. It is a fact that therefore oracle is also hopeful of offering solutions to a large number of pharmaceutical companies to efficiently track and locate batches of drugs to help them reduce the number of recalls. Thereafter according to the president of product development Thomas Kurian, Oracle‘s product will be compatible with other platforms.  

The Rise Of The ‘Blockchain as a Service'

Even though this is not Oracle’s first attempt in the blockchain services space as it had earlier launched a cloud-based service that was built on the open-source Hyperledger Fabric project.

What Is The Hyperledger Fabric?

Hereafter Hyperledger Fabric is a modular blockchain framework acting as a foundation for developing blockchain-based products, solutions, and applications using plug-and-play components aimed for use within private enterprises. Initiated by Digital Asset and IBM Hyperledger Fabric has now emerged as a collaborative cross-industry venture currently being hosted by the Linux Foundations. Thereby a month several Hyperledger projects, Fabric was the first one to exit the incubation stage achieving the active stage in March 2017. 

How Does The Hyperledger Fabric Work?

Thereby the traditional blockchain networks can’t support private transactions and confidential contracts that are of utmost importance for businesses as Hyperledger Fabric was designed in response to this as a more modular scalable and thereby secure foundation for offering the industrial blockchain solutions. It is here that the Hyperledger Fabric is the open-source engine for blockchain and takes care of the most important features for evaluating and using blockchain for business use cases.

Thereafter within private industrial networks, there is verifiable identity of a participant as a primary requirement where Hyperledger Fabric supports memberships based on permission as all network participants must have known identities that many business sectors such as healthcare and finance are bound by data protection regulations that mandate maintaining data about the various participants and their respective access to various data points. Thereby Fabric supports such permission-based membership. 

More On Blockchain As A Service

As the number of technology companies getting into the blockchain space with new product and service offerings continues to increase, more and more businesses across various industry sectors are embracing the blockchain technology. It was then observed that during the annual Microsoft Build conference in Seattle, there was Microsoft Corp unveiled its Azure Marketplace Workbench thereby allowing developers to quickly build blockchain-based applications using a few clicks. Earlier also Amazon’s Amazon Web Services had launched the hosted blockchain as a service offering which is similar to hosting a website on a web hosting service provider as BaaS offers to readily use those blockchain templates, the data storage containers, its computational power, the content delivery mechanisms as well as the blockchain management and hosting services. 

Why Is the Blockchain Space Overcrowded?

It is similarly around the same time Huawei the leading global information and communications technology solutions provider that made a similar announcement to launch its Hyperledger based blockchain service in China, as Marc Benioff the CEO of Inc, had announced plans to introduce a blockchain product at its Dreamforce conference.

While it was observed that the Chinese companies like BaiduInc and Tencent Holdings have similar offerings, IBM became the first global company to launch its Hyperledger based BaaS offering. Also as the blockchain adoption remains in its nascent stage across sectors, there is an opportunity for such technology providers appearing huge despite the blockchain space getting overcrowded with big-name as well as multiple specialized startups. 

Signing Off With A Few Last Words

Therefore BaaS is where the blockchain technology is headed and this helps the companies for quite a lot of development in this direction. Make sure you get all the info as the blockchain technology is the promise of the future. Take a quick look. 

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