Oracle’s CTO Larry Ellison offered a keynote at Oracle OpenWorld 2017 conference and revealed that his company is going to use Blockchain technology to deliver enhanced cloud security to its users.
Speaking at the conference organized in San Francisco, Larry unveiled the company’s new Blockchain Cloud Service that allows customers to build their own blockchain network with Oracle managing the infrastructure behind it.
The plan is to help businesses create a new revenue stream by securely extending many of their software-as-a-service (SaaS) and on-premises apps onto a blockchain network, to reduce both risk and cost.
Oracle has announced that its new Blockchain Cloud Service will help in improving resiliency, scalability, and security of its cloud services. On an additional note, customers will also have an in-built monitoring, continuous backup, and point-in-time recovery services.
Almost a decade ago or so, Blockchain technology came into limelight due to the use of cryptocurrency like Bitcoins. Blockchain which is basically a distributed digital ledger from then on picked up its popularity and is being used for transacting digital currency of almost all forms.
Basically, the transaction nature of blockchain will help businesses to share vita business info. It lowers complexity and boosts efficiency by automating certain transactions which should occur across the organization. The technology is also seen as a good reliable resource to share info both inside and
outside the organization.
Financial sectors such as banks started to focus on this technology and are planning to integrate the technology into their transaction platforms. Some have already achieved success in doing so in European nations, while some are about to taste it.
Thus, with the latest offering, Oracle will become the first cloud services provider to implement and integrate blockchain technology on cloud storage services.