Blockchain is considered the new backbone of what is defined as Web 3.0 — the new world computer — a network that will be able to add more intelligence to our business processes in form of smart business contracts — and by means of that it will change computer networks as we know them.
Gartner has reported that Blockchain’s business value-add will grow to slightly over $360 billion by 2026, then surge to more than $3.1 trillion by 2030. In relation to Europe, IDC has reported that European Blockchain spending and adoption will grow to $3.5 Billion by 2022.
So given all such forecasts and the associated business opportunities, a number of companies have started to investigate how they can leverage Blockchain technology in order to modernize, transform, or even disrupt their business models.
Beyond the business aspects of Blockchain, the technology itself is somehow complex. There are many open-source options that can support a Blockchain solution. However, they are hard to operate so the consideration of a Blockchain as a Service (BaaS) platform is a strategy that makes sense as it can help a business to accelerate its Blockchain strategy and the solutions required by its business vertical and specific market niche.
Companies need not only to understand how Blockchain works but also to select the right Blockchain technologies, networks, and platforms in order to achieve the required results. The underlying IT governance required by a Blockchain solution is comprised of much different software, cloud, and DevOps components, and not only that, non-functional requirements such as interoperability and integration are real challenges, not to mention that security is a critical requirement. So the right platform choice is a mandatory and crucial step in order to have solutions that result in successful implementations of Blockchain technology.
Oracle has a BaaS service as part of its cloud PaaS services — the Oracle Blockchain Cloud Service.
The Oracle Blockchain Cloud Service is an enterprise-grade, pre-assembled, open, and open standards-based Blockchain platform. Its underlying framework is based on Hyperledger Fabric, a project that has been developed under the Linux Foundation umbrella.
Oracle is offering a rock-solid BaaS platform, where all the underlying platform and IT governance complexities including security, backups, failover, high availability, decentralization, consolidation of metrics, and monitoring among many enterprise features and other non-functional requirements are properly addressed as required. So the Oracle Blockchain Cloud Service is the perfect PaaS service and platform required for your successful Blockchain adoption efforts and strategy aligned with the common requirements of the enterprise, B2B Blockchain systems.
I strongly advise you to get more information about the Oracle Blockchain Service by checking the links below. With such resources, you will be able to fully understand the Blockchain-related benefits and the big picture of it as aligned with the requirements of B2B solutions.
In the next blog posts, you’ll have a series called Blockchain App Development Series, where I’ll explain the technical aspects and advantages of our Oracle Blockchain Cloud Service in detail, how to create your Blockchain network, configure it, deploy and instantiate your smart contracts (also known as chaincode in Hyperledger’s terminology).
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