Great news has been reported by Bloomberg on May 7 that the world’s second-largest software company Oracle Corp is going to reveal a platform-as-a-service (PaaS) product by the end of this month, and decentralized ledger-based applications next month as announced by the President of software development, Thomas Kurian at Oracle headquarters.
Oracle is working with Banco de Chile, a California-based organization to log inter-bank transactions on a hyperledger. Oracle is also working with the government of Nigeria for recording custom and import duties using blockchain technology. Going forward, pharmaceutical companies will also be pitched for Oracle’s new products for managing medicine supply chain.
Blockchain technology has been successfully adopted by major industries recently. In April this year, Spanish BBVA bank issued a loan on blockchain and became the first global bank to do so. The bank explained, that using blockchain technology reduced the time exponentially. Where it would’ve taken days to complete the €75 mln loan process before, it took only a few hours.
Again, in mid-April this year, the electronics giant-Samsung announced that it will use blockchain to manage its worldwide production and supply network. It has been estimated that this would cut their cost by 20 percent.