Oracle rolls out its own blockchain service

Oracle joins IBM, SAP, and Microsoft in offering blockchain-as-a-service for companies hoping to deploy the distributed ledger technology without the expenses associated with embracing the technology in-house.

Oracle wants in on the blockchain-as-a-service game, too.

The company on Monday announced the availability of a fully-managed blockchain service over which businesses can automate processes over an immutable electronic ledger, such as tracking goods in a supply chain or handling customer financial transactions.

Blockchain-as-a-service {BaaS) offerings have grown over the past three years, enabling businesses to launch proof-of-concepts to test the distributed ledger technology without the capital costs required by an internal deployment. Other BaaS providers include IBM, Hewlett-Packard Enterprise (HPE), Microsoft, SAP and Amazon Web Services.

Oracle first previewed its Blockchain Cloud Service at OpenWorld in October. The new offering is based on the Linux Foundation’s open source Hyperledger Fabric platform, a collaboration tool for building blockchain distributed ledger business networks such as smart contract technology.

Oracle also announced it has a handful of early BaaS adopters who’ve rolled out proof-of-concepts, including Arab Jordan Investment Bank, CargoSmart, Certified Origins, Intelipost, Nigeria Customs and Solar Site Design.

For example, Tuscany, Italy-based olive oil producer Certified Origins rolled out a blockchain PoC in early 2018 that it’s now moving into production to trace – from origin to retailer – shipments of its Bellucci-brand of extra virgin olive oil.

“The main purpose for which the project was born, and what we are evaluating in these days of testing, is the Blockchain algorithm that is related to the greater transparency that we can provide thanks to traceability,” Andrea Biagianti, CIO of Certified Origins, said in an email reply.