Oracle Updates Its Blockchain Cloud Service. These Are Main Enhancements

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Fri, 07/24/2020 - 20:08
Alex Dovbnya
Oracle debuts its next-generation blockchain cloud platform with major enhancements
Cover image via stock.adobe.com
Contents

Software development juggernaut Oracle has introduced the new generation of its blockchain-powered cloud service in a recent blog post.

It features a number of crucial improvements that allowed to reach a higher level of scalability and decentralization, as explained by Oracle's VP of blockchain product development Frank Xiong: 

 “With this release, Oracle advances the Oracle Blockchain Platform Cloud Service to a new level of dynamic scalability, high availability, and quick deployment for enterprise blockchain applications running on Oracle Cloud Infrastructure.”

Main enhancements

The Larry Ellison-helmed company made its Hyperlendger Fabric-based blockchain platform generally available back in July 2018.

By that time, multiple companies had already adopted Oracle’s new service to enhance transparency. Last July, sustainable footwear company CANO started using the platform to keep track of its whole supply chain together with plenty of other new clients.       

Oracle's customers are capable of building their own applications on top of the blockchain network without having to manage their own servers. 

One of the most important changes is the introduction of a new price model that is now based on required CPU capacity and storage rather than the amount of transaction.   

image by blogs.oracle.com

On top of that, the new release also supports the Raft consensus protocol that enables shared governance. 

Among other notable enhancements, it is worth mentioning stronger auditability that is possible with history database support.  

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Growing demand

With this release, the company responds to growing demand for blockchain-based applications among its customers.

"It's designed and developed to meet our customers' growing demand for a more resilient, secure, and scalable platform that's ready for growing workloads of enterprise blockchain applications in numerous use cases across various industries."

In his department, Oracle has to compete with Microsoft’s Azure and Amazon Web Services (AWS) that support numerous blockchain frameworks on top of Hyperlendger Fabric.   

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


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