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Oracle to Release Blockchain Product in May, Apps to Follow in June

Oracle to Release Blockchain Product in May, Apps to Follow in June 101
Source: iStock/maybefalse

American tech giant Oracle – the second-largest software company in the world – has said it will begin unveiling blockchain products this month.

Per Bloomberg, Oracle’s head of product development, Thomas Kurian, says a platform-as-a-service blockchain product will become available this month, with decentralized ledger-based apps to follow in June.

Kurian says Oracle has been working in conjunction with Banco de Chile, one of Chile’s largest commercial banks, on a Hyperledger solution for logging inter-bank transactions. Kurian also claims that Oracle has worked with the customs and imports service in Nigeria. The Nigerian government wants to log customs duties data on blockchain platforms.

Oracle hopes its new products will be of interest to major pharmaceuticals companies who wish to track medical products, helping them expedite recalls and boost traceability.

Oracle has also been working on a range of other blockchain-related deals with companies around the world. Earlier this year, the company struck an memorandum of understanding with South Korea’s Hana – one of the country’s largest banks. The deal will see Hana develop a loyalty points trading platform using blockchain technology, allowing Hana customers to use points to buy from international vendors and travel companies.

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