Oracle has officially joined the train and announced the launch of its Blockchain platform. Rumored to be launching early next year, the programming giant known for developing a wide array of applications and launching a number of cloud based storage solutions, the blockchain platform will not only allow the firm to expand its offerings to include allowing customers to launch blockchain applications, but further, allow clients to integrate their own customers much further into business activities.
“This blockchain platform will give them a platform to extend their services beyond their enterprise bundle, which means they can extend them outside to their business partners, advantage customers and so on.”
A Double edged sword ?
Whilst other giants such as Intel and IBM have ventured into blockchain technology, it can be argued that a potential conflict of interest can occur in the case of Oracle. Known for a line of storage solutions, now launching a Blockchain service can move a lot of business out of the hands of the company. As the Blockchain is a decentralized model, many predicted Oracles profits from the venture may be severely limited, and may in fact interfere with current operations.
Business For Oracle
While the company’s main business remains databases, Xiong further pointed out the fact that in the decentralized model every user of the blockchain must have the entire ledger downloaded. With Blockcahin’s usually exceeding well over 100GB in total size depending on the number of users, and constantly expanding, the need for storage solutions will increase and so will Oracles business proportionately!
To conclude, Oracle plans to release a blockchain application aimed to allow its clients access to the future of currency. Allowing clients to test smart contracts and their very own applications on the network, the organization hopes the service will allow business to move closer to those that use them.