Oracle forays into blockchain technology
Oracle has been trying to get its act together and move on a path of technology and innovation that will make it a leader in the coming years. To this end, it has implemented many strategic changes and has been successful in a big way. The latest such strategy is to move into the blockchain bandwagon.
If you’ve never heard of blockchain, that’s the latest technology that could transform the Internet as we know it today. Invented by an individual or a group of ingenious developers, this technology allows digital information to be distributed, but not copied. You can imagine this to be a distributed database that is duplicated millions of times across different networks.
The obvious advantage of blockchain is that the information is automatically reconciled across all networks, so a single change is updated everywhere. Also, all records contained in blockchain are public and verifiable, which means, it allows greater transparency and security. Since there is no centralized database or repository, no single hacker can hack the information it contains.
In some ways, it is an Internet that comes with a built-in robustness to adapt based on the existing situation. To top it, this technology has no single point of failure. Probably the best implementation of blockchain technology is bitcoins, that could become the defacto standard of transaction if more people and companies start adopting it.
So, what’s Oracle doing with this technology?
Oracle has created its own blockchain service on top of an open source platform called Hyperledger. This is the second company after IBM to use the Hyperledger fabric project to create a robust blockchain technology.
Using this technology, Oracle plans to offer a wide range of cloud services that come with better flexibility and resilience when compared to existing services offered by its competitors such as AWS, Microsoft and Google. In a way, this is Oracle’s way of catching up with companies that have a lead in the cloud market because of their early foray into it.
Though blockchain sounds promising, it all boils down to how well it is adopted and implemented. Though oracle has jumped on the blockchain bandwagon, it’s hard to predict how it will eventually play out for the company.