The Blockchain Cloud Service is already in use for tracking international shipments, keeping tamper-proof records and simplifying funds transfers
Oracle has launched its managed blockchain platform, providing software and server infrastructure customers can use to set up and manage networks of distributed ledgers, the technology that drives cryptocurrencies such as Bitcoin.
The ledgers, designed to be unalterable and visible to anyone, can be used to automate applications such as monitoring supply chains, tracking international shipments and making cross-border payments.
Oracle has been testing the platform with customers for several months, and previewed the Blockchain Cloud Service at OpenWorld last October.
It joins similar managed offerings from the likes of IBM, HPE, Microsoft, SAP and Amazon Web Services.
“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,” said Oracle cloud executive vice president Amit Zavery.
The offering is based on the Linux Foundation’s open source Hyperledger Fabric platform, a collaboration tool for building blockchain business networks aimed at uses such as smart contracts.
Amongst the early adopters is Tuscany, Italy-based Certified Origins, whose business is based on the supply chain traceability of its Bellucci brand of olive oil.
The firm launched a blockchain proof-of-concept earlier this year and is now moving into production with the system for tracing shipments from producer through to retail.
Certified Origins said the next step would be to further automate the system using blockchain-enabled smart contracts, which could, for instance, automatically trigger a payment when a cargo shipment is acknowledged as having been received.
Shipping management company CargoSmart is also using Oracle’s offering to monitor international shipments, and said it hopes to shift stakeholders away from paper processes.
The distributed ledger technology offers all parties the same view into data that can’t be altered by any third party, which CargoSmart said could help minimise disputes and documentation discrepancies in the industry.
Solar energy equipment supplier Solar Site Design is testing the service for tamper-proof records related to solar projects, while Arab Jordan Investment Bank is using it to simplify electronic funds transfers.
The Blockchain Cloud Service is offered on a contract-free, pay-as-you-go option or through monthly, annual or multi-year deals. Customers can also sign up for a 30-day free trial of the service.