A report by Bloomberg has announced that the long-awaited platform-as-a-service blockchain product from Oracle will be launched this month, with decentralized ledger apps being added in June. Thomas Kurian, the President of Product Development at Oracle, has also said that the new product will be compatible with other platforms.
As the world’s second-largest software company, Oracle’s customer base is not only massive, but diverse and worldwide. Banco de Chile is already signed up to use their service for tracking inter-bank transactions, while the government of Nigeria will be using it to track customs, imports and exports. And there will be countless other companies worldwide looking to use the platform, with Oracle being used in industries such as medical, pharmaceutical and supply chain.
This move by Oracle effectively follows in the footsteps of Microsoft’s partnership with Consensys on their cloud-based Azure program. Other worldwide corporations such as IBM and Amazon have also forged similar partnerships. Assuming that all ventures prove successful, these companies could be bringing about the genuine global adoption of blockchain within multiple industries, and this could change the face of blockchain as we currently know it. With open-source “service” platforms such as these, it will be more difficult for startups to introduce new concepts and release ICOs, as the Oracle platform allows for the open use of a ledger that has already been in created – at least in terms of its bare bones. This may well help to put an end to fraudulent or ill thought-out ICOs, as well as creating jobs for specialist blockchain overseers within companies that decide to use the platform.
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