Oracle Corp. will unveil its blockchain software starting this month, joining the growing set of companies offering products that utilize the digital-ledger technology behind bitcoin.
The Redwood City, California-based company will introduce a platform-as-a-service blockchain product this month and decentralised ledger-based applications the following month, Thomas Kurian, president of product development, said Monday at Oracle headquarters.
Blockchain is essentially a spreadsheet that’s duplicated and updated regularly across 1000s of computers on the Internet. The structure eliminates risks that include information held centrally with a single entity, like cloud-computing providers.
The world’s second-largest software company is working together with Banco de Chile to log inter-bank transactions on a hyperledger, Kurian said. Another client is the federal government of Nigeria, which has sought to document customs and import duties on blockchain. Oracle’s products may also be pitched to pharmaceutical companies to track and trace batches of medicine, which can potentially ease recalls.
Behind the hype of cryptocurrencies, software companies have raced to leverage the blockchain’s ledger model to simplify processes. Salesforce.com Chief Executive Officer Marc Benioff said in March that his company desires to unveil a blockchain product by its annual Dreamforce conference this fall. International Business Machines Corp. and Amazon.com’s cloud unit have both sought enterprise uses for blockchain technology. Kurian said Oracle’s products will soon be appropriate for other platforms.