Oracle announced it will launch its blockchain-based platform by the end of May, reported Bloomberg on May 7.
Thomas Kurian, Oracle’s president of product development expressed that the company will unveil its blockchain-based platform in May and it will also launch decentralized blockchain applications in June.
The advantage of a blockchain is that there is no need for a third a party such as a bank for transactions to be completed and the information is distributed on many nodes, so the risk that comes with information being held centrally is eliminated.
Oracle, a California-based company is the second-largest software company in the world and it will be partnering with Banco de Chile to be able to store inter-bank transfers on a hyperledger, mentioned Kurian.
The government of Nigeria will be one of Oracle’s client as it will import duties on the distributed ledger. Oracle’s products will also be used by the pharmaceutical industry to track and trace medicine products.
Kurian also said that their products are going to be compatible with other blockchain-based platforms.
Oracle’s group vice president of Blockchain Cloud Service, Frank Xiong mentioned,
“This blockchain platform will give customers 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.”