Oracle Autonomous Blockchain Cloud - an easy way to embrace your Blockchain Journey

Published on September 6, 2018

Blockchain – A game changing perspective

Blockchain is attracting a significant market attention these days. Experts are betting on this technology to have a potential to disrupt the way the business and economy is run today. Blockchain is a path breaking technology to create a digitally trusted peer-to-peer network which can identify and track transactions among the stakeholders of that network without a need of third party authorizing agent.

The features of Blockchain which makes this technology so unique are:

  • Decentralized and transparent: There is no central authority which maintains the record of the transactions made in the network. All transactions are consistently accessed and seen by all the participants of the network. That is the reason, Blockchain is popularly known as a distributed ledger making this a transparent way of transaction among the participants of the network.
  • Presence of Nodes: A node is a program running on a computer. Each node is responsible for checking to ensure new information is valid, and interacting with other nodes for getting the information vetted by them. This is automatically done by the program without constant human intervention. Once successfully vetted by other nodes, the transaction is recorded.
  • Irreversible and Immutable: Once the data is recorded in the block it cannot be reversed or deleted. This helps in tracking the complete history of records at any point of time. Blockchain works on a transactional database concept rather than the conventional relational database (RDBMS), where every record is added as a separate line item rather than changing the existing value of transaction.

Where Blockchain can be effectively utilized

As Blockchain has become a new buzzword in the industry, often we have a tendency to use Blockchain as a solution and then try finding out a problem to suit this solution. We should understand that, like all other technologies, Blockchain can address certain specific problem areas and organizations will be benefitted from this when they identify the right conditions and adopts Blockchain for solving issues around them.

Blow are the list of such conditions;

  • High Volume Business Transactions are done among multiple parties or organizations.
  • Verifications of such transactions become tedious and effort/time intensive and revenue leakage happens due to lack of accuracy in transaction verifications.
  • Third party agents are employed at a significant cost to maintain the record and verify the transactions.
  • Delay of accessing transaction records by the required parties/organizations impact the business and downstream transactions.
  • If the answer to two or more of the above conditions are yes then Blockchain could be a solution that needs to be evaluated for the organization.

How Blockchain can benefit you?

Removal of Intermediaries: Since Blockchain is capable of creating an irreversible records of every single transaction after going through a programmatic approval process from each node of the network and makes this accessible to every participants of the network, there is no need to employ a third party governing body like a financial institution. Entire cost of such intermediary is saved.

Adding speed to your Business: Blockchain creates a trusted B2B network for transactions across all the required parties within and outside your organizations. This helps in fast tracking business decisions by providing real time information visibility across the complete ecosystem.

Transaction Security: Blockchain makes the business critical records tamper-proof with securely replicated, cryptographically linked blocks that protect against single point of failure and insider tampering through a mechanism called Smart Contracts.

What Are the Advantages of Oracle Autonomous Blockchain Cloud Service?

Organizations running Oracle ERP as their backend system has a reason to smile. Oracle launched its Autonomous Blockchain Cloud Service (OABCS) in July 2018 in an effort to create an all integrated ecosystem for its customers. This service, provided on Oracle’s PaaS platform will organizations to build blockchain networks to enable more secure and efficient transactions and to track goods through supply chains on a global scale.

Using OABCS to create and managing your blockchain network has many advantages over other available blockchain products.

Enterprise-Ready

  • Highly secure, built-in privacy.
  • Scalable business networks.
  • Highly resilient, built-in backups and recovery.

Ease of Integration

  • REST API for API-driven integration.
  • SDKs for Java, Node.js, and GO.
  • Plug and play integration for Oracle SaaS, PaaS, and on premises applications.

Quick Time-to-Value

  • Pre-assembled, manage PaaS
  • Dynamic configurability and member on-boarding
  • Start development applications within minutes

Network Management with Console

  • A robust user interface to monitor and manage the blockchain network and perform day to day administrative activities.
  • Quickly accomplish tasks like adding organizations to the network, adding new nodes, creating new channels, deploying and instantiating chaincodes, and searching log information.

Extending Enterprise Boundary

  • Securely extend ERP/SCM/GL business processes in Oracle SaaS, on premises and non-Oracle systems to streamline data exchange and conduct trusted transactions with other organizations.
  • Enables trusted transactions between corporations and banks in Oracle’s Digital Innovation Platform for Open Banking.

What Do You Get with Oracle Autonomous blockchain Cloud Service?

OABCS is a production-ready blockchain network based on Hyperledger Fabric delivered through Oracle’s highly reliable Platform as a Service (PaaS) framework. With EASY integrations with Oracle’s SaaS, on-premise applications and even a number of non-oracle applications, OABCS can give you a kick start in your blockchain journey in much less time than what you originally anticipated.

A full-fledged dashboard for monitoring and tracking the smart contracts (also known as chaincodes), node activities, transactions and many more makes it super easy for the users.

Because OABCS is part of the Oracle Cloud platform, it’s pre-assembled with the underlying cloud services, including containers, compute, storage, identity cloud services for authentication, object store for embedded archiving, and management and log analytics for operations and troubleshooting. You can configure multiple peer nodes and channels for availability, scalability, and confidentiality, and Oracle Cloud will automatically handle the underlying dependencies.

Additional instances can be created for other organizations and joined into your blockchain network. As an autonomous service, each instance include replicated resources, monitoring and recovery agents, embedded archiving of configuration data and ledger blocks, and integration with management and log analytics services to help Oracle operations monitor and troubleshoot any issues. It also includes zero-downtime managed patching to resolve any issues and upgrade the service components without interrupting your operations.

No Maintenance and Upgrades needed

As with other Cloud services from Oracle, there is no need for you to manage the instances, pay for hardware, apply patches and upgrade versions. Oracle will take care of them all.

Additionally, Oracle regularly releases new applications to use blockchain technology for common use cases, such as track and trace, provenance identification, warranty and usage, and cold chain. The plug-and-play ability with Oracle and third-party applications results in faster integration with diverse systems of record, improving time to market, the company claims.

Disclaimer: The views presented herewith by the authors are of their own and hold no bearing on any one including their employers, Oracle Corporation or any other entity. It is advised to Readers to make their own independent evaluation in their decision making process.