Oracle will Start Offering Blockchain Products

Oracle has now joined blockchain

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World’s second largest software company Oracle Corp is launching blockchain platforms in the next two months. Oracle president Thomas Kurian announced on May 7th that the company would launch a platform-as-a-service product this month before launching decentralized ledger-based applications next month.

The California based company is already having a partnership with Banco-de-Chile to develop inter-bank transactions on a hyper ledger. More to that they are also working with the government of Nigeria which is seeking to use Blockchain technology to ensure transparent customs documentation and also for control of its imports. Oracle’s blockchain platform will also be pitched to pharmaceutical companies for management and monitoring of medicinal supplies.

Blockchain technology is gaining recognition and has so far seen successful adoption by major industries. Banks are following very keenly with several of them already using the technology. In fact last month Spanish BBVA bank became the first bank to successfully issue a loan on a blockchain. The bank stated that the use of Blockchain technology reduced the time needed to complete the 75 million Euro loan process from days to hours. They also said that the process was more transparent.

South Korea’s electronics giant Samsung also revealed that it would be launching a Blockchain platform to manage its global supply chain. The company believes that by using Blockchain technology, it will ensure transparency and will reduce transaction costs by more than 20% because the number of middlemen will be reduced and also paperwork will also reduce.

In every transaction efficiency, timeliness and convenience are very important, and that’s what Blockchain technology offers. In fact, the technology is becoming popular day by day since it can be used in all fields Ethiopian government has already signed a partnership to launch Blockchain technology in its Agritech. We are likely to see more partnerships in future as the more companies continue to explore the field.

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