Oracle has launched an enterprise-grade distributed ledger cloud platform called Oracle Blockchain Cloud Service that could be used in shipping services.
The cloud applications and platform service provider said it will “drive tamper-resistant transactions on a trusted business network” to help customers create new revenue streams and reduce cost and risk.
Oracle also added that it has designed Oracle Blockchain Cloud Service, part of its Oracle Cloud Platform, to deliver an enterprise-grade blockchain platform with “industry-leading resiliency, scalability, and security”.
The technology includes features that aim to securely extend enterprise resource planning (ERP), supply chain, and other enterprise software-as-a-service (SaaS) and on-premises applications.
Amit Zavery, Senior Vice President, Oracle Cloud Platform, said: “Blockchain holds the promise to fundamentally transform how business is done, making business-to-business interactions more secure, transparent, and efficient.
“Oracle Blockchain Cloud Service provides enterprise-grade blockchain capabilities and is able to accelerate innovation for on-premises ERP and cloud-based SaaS and PaaS [Platform-as-a-Service] customers.
“Enterprises can now streamline operations across their ecosystem and expand their market reach with new revenue streams, sharing data and transacting within and outside the Oracle Cloud.”
Blockchain has begun its entry into the shipping industry as a method of securing records of monetary transactions.
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Many partnerships have started between ports, shippers and container shipping companies, to develop the technology so it can create efficiencies in the sector.
Infosys, an Indian multinational specializing next-generation technology and an early adopter of Oracle technologies, is a partner on the newly launched Oracle Blockchain Cloud Service.
CMA CGM, the third largest container shipping company by fleet size, recently announced that it would partner with Infosys to include artificial intelligence in its ongoing digital transformation through a seven-year partnership.
In a statement about the Oracle service, Indranil Mukherjee, Vice President, Head of Oracle Practice, Infosys, said: “This will enable customers to extend their current Oracle ERP and SaaS solutions to use trusted business networks for securely conducting business-to-business transactions in real-time across their ecosystem of trading partners.
“Oracle's investment in an enterprise-grade blockchain cloud platform along with Infosys' expertise in blockchain will enable Infosys customers to build more secure, transparent and efficient enterprise, and be ready to succeed in the digital economy.”
Raejeanne Skillern, Vice President, Data Center Group and General Manager, Cloud Service Provider Group, Intel Corporation, said: “Our collaboration with Oracle is aimed at developing a blockchain cloud service for enterprises that helps to advance the privacy of blockchain transactions and improve the interoperability of traditional databases and blockchains.”