Blockchain: A New Concept for Integrating Business Network

Blockchain is a technology for trustworthy transactions and is being popular across industries in areas including financial transactions, supply chain management, contract management, pharmaceutical trials, digital identity management, and more. Blockchain doesn't have to just be used for accounting ledgers as Bitcoin. Blockchain is much bigger than Bitcoin.

The blockchain-focused industry initiative hosted by the Linux Foundation, and Oracle Blockchain Cloud Service, which is built on Hyperledger Fabric, a permissioned blockchain platform and Hyperledger project. Why use Hyperledger Fabric? Hyperledger Fabric–based blockchain services can talk to each other. If one transaction partner is using Oracle Blockchain Cloud Service and another is using a different Hyperledger Fabric–compliant service, the partners can transact directly.

Oracle Blockchain Cloud Service:

Why Blockchain?

Enable real-time transactions and securely share tamper-proof data across a trusted business network. Oracle Blockchain Cloud Service gives you a pre-assembled platform for building and running smart contracts and maintaining a tamper-proof distributed ledger.

Increase business velocity

Create a trusted network for B2B transactions and extend and automate your operations beyond the enterprise. Optimize business decisions with real-time information visibility across your company's ecosystem.

Reduce operations costs

Accelerate transactions and eliminate the cumbersome offline reconciliations by using a trusted shared fabric of common information. Eliminate intermediaries and related costs, possible single points of failure, and time delays by using a peer-to-peer business network.

Reduce the cost of fraud and regulatory compliance

Gain the security of knowing that business-critical records are tamper-proof via securely replicated, cryptographically linked blocks to protect against single points of failure and insider tampering.

Oracle Blockchain Cloud Service is a network consisting of validating nodes (peers) that update the ledger and respond to queries by executing smart contract code—the business logic that runs on the blockchain. External applications invoke transactions or run queries through client SDKs or REST API calls, which prompts selected peers to run the smart contracts. Multiple peers endorse (digitally sign) the results, which are then verified and sent to the ordering service. After consensus is reached on the transaction order, transaction results are grouped into cryptographically secured, tamper-proof data blocks and sent to peer nodes to be validated and appended to the ledger.

Service administrators can use the Oracle Blockchain Cloud Service web console to configure the blockchain and monitor its operation.

Oracle Blockchain Cloud Service comes with a complete set of infrastructure services and embedded resources: compute, containers, storage, identity management, and event streaming to help you quickly set up and run a production-ready blockchain. Easily create an instance of Oracle Blockchain Cloud Service. After you specify a few parameters, Oracle provisions the underlying infrastructure with the required Blockchain network components, REST proxy, and an administration console. Need a partner to join your network? No problem. They can create a service instance just for that. Provision the service, and then simply log in to the Oracle Blockchain Cloud Service web console to complete the certificate exchange and join the existing blockchain network.

This service compatibility is sure to help Blockchain become the disruptive standard in modern commerce—and many other industries. 

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Saturday, 19 September 2020
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