African enterprises have joined businesses around the world in the use of an early adopter version of the ‘Oracle Blockchain Cloud Service’, a business management product from the Oracle Corporation, an leading international software firm.
The service, which become generally available this week, allows organizations to easily build blockchain networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale.
Blockchain is the technology that underpins digital currency such as Bitcoin, Litecoin, Ethereum, and the like. The tech allows digital information to be distributed, but not copied.
According to Oracle, blockchain technology is applicable in almost all industries, including sectors such as transportation, supply chain and logistics, energy, retail and ecommerce, financial services, telecommunications, and even the public sector.
The Arab Jordan Investment Bank, CargoSmart, Certified Origins, Indian Oil, Intelipost, MTO, Neurosoft, Nigeria Customs, Sofbang, Solar Site Design and TradeFin are among the many global organizations that already have adopted Oracle’s blockchain platform.
Oracle insists that blockchain has the power to fundamentally transform how every industry does business by making interactions more secure, transparent, efficient and cost-effective.
The company’s new product, Oracle Blockchain Cloud Service, provides customers with a development platform to build their own networks. It also enables users to set up blockchain networks, join other organizations, and deploy and run ‘smart contracts’.
“Oracle’s blockchain platform leverages the company’s decades of experience across industries and its extensive partner ecosystem to reliably share and conduct trusted transactions with suppliers, banks, and other trade partners through blockchain,” the firm said in a statement issued on July 17th, 2018.
“Blockchain promises to be one of the most transformative technologies of our generation,” said Amit Zavery, Executive Vice President for Oracle Cloud Platform.
“We are excited to announce the availability of Oracle Blockchain Cloud Service. It is the result of years of R&D alongside our valued partners and customers. With Oracle’s platform, enterprises can enhance their business, eliminate unnecessary processes, and transact with their distributed networks more easily, transparently and securely than ever before,” Zavery added.
Organizations are already using Oracle’s Blockchain Cloud Service to help ease transactions, track goods through supply chains, and reduce costs, including global shipping leaders, multi-national manufacturers, food producers and energy marketplaces.
Oracle, for instance, joined the Food Safety Consortium – an international regulator for the food industry – and is a member of The Alliance for Telecommunications Industry Solutions, participating in its working group on blockchain.
“We used Oracle’s blockchain to build a trusted platform for the automation of Customs Excise Trade business processes and procedures,” explained Aber T Benjamin, Assistant Comptroller General Modernization at the Nigeria Customs Service (NCS).
“Using this technology, we found the entire business environment can be migrated to blockchain to automate processes and create transparency and predictability. Once the transition to blockchain is completed, NCS expects revenue growth increase of about 50 percent. This technology helps our organization to build global trust for Nigerian businesses through irrefutable data on goods manufactured in the country,” Aber said.
“Blockchain projects are quickly moving from pilot to production as enterprises and governments begin to see the inherent value of distributed ledgers and smart contracts,” said Robert Parker, Group Vice President of Manufacturing and Retail Insights at the International Data Corporation (IDC), a leading media company.
“As spending accelerates, buyers will need an enterprise class platform beyond open source that includes data security and integrity, scalability, manageability, and interoperability,” he concluded.