Oracle Blockchain Platform Cloud Service offers a pre-assembled platform for running smart contracts and maintaining a tamper-proof distributed ledger. Built on the open source Hyperledger Fabric, it makes it easy to build secure and verifiable applications that share immutable, trusted data with suppliers, banks, partners, and any other relevant party. It is a production-ready managed service providing an industry leading permissioned enterprise blockchain, with 99.95% availability, integrated identity management, and broad applicability across industries with rich integration to Oracle’s leading applications. By using a distributed ledger of intercompany Point of Sale and Invoices, reconciled by smart contracts, Oracle Blockchain enables the verification of accounting rules.
Customs service puts inefficient and fraud-attracting export licensing process on Oracle Blockchain Platformblockchain to reduce fraud and improve excise tax collection. Speeds up the underlying key/value store with powerful Berkeley DB with SQLite interface, enabling greater concurrency, and SQL-based rich query support at 10 times the performance of other key/value databases. Deploy blockchain instances in multiple Oracle Cloud regions around the world to connect organizations across countries and continents. Build new applications or SaaS extensions to allow developers to run transactions on the blockchain using IaaS Compute, Java, Oracle Kubernetes Engine, Mobile Hub, Visual Builder, or Integration Cloud Services. Control which channel members can see and store private data in their side databases, shared only with other authorized members, with one-way hashes used to prove the transactions added to the channel ledger. Low-code dev/test environment supporting scaffolding, local testing, and automated deployment of smart contracts.
Get started with Oracle Blockchain Platform Cloud Service
Certified Origins Italia is utilizing the Oracle Blockchain Platform to track and trace the Bellucci brand EVOO from their Italian bottling facility to the port of arrival in the US. This implementation of blockchain technology is a continuation of Certified Origins’ commitment to providing greater food supply chain transparency. Oracle Blockchain Platform allows for secure network tracking granular data on component failures and repaired and replaced equipment to provide preventive and predictive maintenance analytics. This data helps enable AI to train CNC machines based on historical data collected from a network of similar machines for optimal machine and operator performance. Retraced developed platform based on Oracle Blockchain and ATP to enable fashion brands to verify sustainable sourcing of materials and authenticity of artisanal production and provide end-to-end supply chain visibility to the consumers.
Dynamically create channels in the Console’s Web UI or programmatically as needed through REST APIs, define authorized members and their roles, then join their peer nodes to run smart contracts and host ledger copies. With the ability to define detailed policies, these channels can be used for sharding to increase scalability, or to isolate groups of member organizations with specific access to separate ledgers and related transactions. Control addition of network participants and client-only organizations to ensure only authorized organizations can access permissioned blockchain. Using pre-integrated Oracle Identity Cloud and federation options, define and manage account and roles to control member’s privileges. Control channel membership and add read-only peers to a channel to provide visibility to the ledger for auditing purposes. Implement fine-grained access control in smart contracts and request on-demand audits.
Can automatically generate smart contracts from declarative specs and aids in development, testing, deployment. Provides tokenization support with auto-generation of chaincodes for full token lifecycle. Some commentators have raised concerns however that the digital yuan could be used to increase surveillance on citizens.
- China has been pushing the internationalization of the yuan and some commentators have seen the digital yuan as a way to do that.
- Focus on applications with Oracle-managed service monitoring, integrated identity management, autonomous recoverability, and zero-downtime patching and upgrades.
- You’ll receive a deep dive on Mina, what you need to know to build a zkApp and a guide to all the resources available to you.
- Discover developer resources for building blockchain apps from the Oracle developer community.
Enroll members, add peers, create channels, deploy smart contracts, register for events, and run transactions or query ledger data using client components built in Java, Go, or Node.js. Provision the platform with a few clicks and get all Hyperledger Fabric nodes and underlying infrastructure services (compute, containers, network, storage, identity management). But the PBOC has begun laying the ground work for digital currency to be used in cross-border transactions. Last month, the PBOC joined central banks from Thailand, United Arab Emirates and Hong Kong to explore a digital currency cross-border payment project together. The commercial banks will be responsible for getting the currency into the hands of consumers.
Add or configure network channels and set policies, deploy or upgrade smart contracts using Web console or REST APIs. Scale up, down or out blockchain components and storage, or the entire platform. A growing number of countries seeking to introduce a central bank digital currency (CBDC) are abandoning the idea after conducting pilot projects. Either the use cases did not work or were recognized as inadvisable, or the CBDC did not receive support from citizens and businesses in certain countries. “The way I see it is digital yuan is not direct competitor to Alipay or WeChat Pay but a new platform that allows other players to come in and compete with WeChat and Alipay,” Trivium China’s Bao said. By enabling decentralized peer-to-peer business interactions and transactions, Oracle Blockchain Platform allowed SERES to eliminate the need for trusted third parties.
Can stream transaction history to Oracle DBCS, ExaCS, or Autonomous Database (ADW/ATP) and integrate with Oracle Analytics or 3rd party BI tools for real-time dashboards, rich visualizations, and reports on blockchain transactions. Define identities and groups, then combine with resources and operations to create ACLs stored and tracked on-chain, which chaincode developers can check to enforce access permissions. Another reason behind the PBOC’s efforts could be to increase competition in the payments space and reduce systemic risk. China’s digital payments arena is dominated by Alipay, which is run by Alibaba affiliate Ant Group, as well as WeChat Pay, run by internet giant Tencent. Oracle Blockchain Platform Cloud Service offers predictable budgeting with an vCPU-based pricing model. This includes the ability to stop/restart an instance to reduce costs when the platform is not being used to lower costs.
JD.com, one of China’s biggest e-commerce players, was involved in the trial and allowed customers to purchase items with the digital yuan. Oracle Blockchain Platform enables colleges and professional education providers to issue tamper-proof credential certifications along with verifiable transcripts for self-sovereign access sharing by students. In healthcare giving the right data to the right people at the right time can save lives.
This website is using a security service to protect itself from online attacks. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Get this delivered to your inbox, and more info about our products and services. But currently, the digital currency has a domestic focus and international use is “not the immediate priority,” according to Trivium China’s Bao. China has been pushing the internationalization of the yuan and some commentators have seen the digital yuan as a way to do that. Here’s what we know so far about the digital yuan or its official name — the Digital Currency Electronic Payment (DCEP).
Five more countries have abandoned CBDC
Oracle Blockchain Platform integrates with banks to enable customers to tokenize securities for fractional trading and integrate with digital exchanges, providing 24×7 settlement and lower costs. Enable Oracle and third-party SaaS and on-premises Что такое cbdc systems to invoke transactions or query blockchain nodes through unique enterprise adapters and workflow tools in Oracle Integration Cloud. Simplify event integration with back-office applications using bi-directional event subscriptions.
Connect non-Oracle blockchain nodes from other clouds and any vendor supporting Hyperledger Fabric. With the open source Hyperledger Fabric from the Linux Foundation, leverage the power of community. Create smart contracts for real-time business-to-business transactions or to validate matching purchase orders, invoices, and shipping information prior to payment. “The existing system is owned by private companies. Should Alipay or WeChat pay goes bankrupt, which is extremely unlikely, it creates systematic risk,” Linghao Bao, analyst at Trivium China, told CNBC.
- By using a distributed ledger of intercompany Point of Sale and Invoices, reconciled by smart contracts, Oracle Blockchain enables the verification of accounting rules.
- Create smart contracts for real-time business-to-business transactions or to validate matching purchase orders, invoices, and shipping information prior to payment.
- WEF’s Xiao says it’s likely commercial banks could integrate similar functionality into their apps.
- These involve the local government handing out a certain amount of yuan via a lottery.
- Using Oracle Blockchain Platform’s technology creates a seamless ecosystem that keeps the patient’s distributed team of care providers in sync in real-time.
Oracle Blockchain Platform’s immutable distributed ledger helps manage visa cases and track documents for more efficiency and transparency, and helps prevent less fraud. Oracle Blockchain Platform connects a milk farmers’ cooperative payment process optimized with Oracle Blockchain and OriginTrail Decentralized Network (ODN) to provide insight and verify traceability and laboratory data in real-time. Oracle Blockchain Platform enables customers to earn tokens, which they can seamlessly redeem rewards at any of the retail partners on the blockchain network. Oracle Blockchain Platform uses smart contracts to Link micro-policy creation, issuance, and execution, automating premium setting and settlement for parametric insurance to reduce processing costs and increase customer trust. Synchronize rich history data to tamper-evident blockchain tables in the Oracle Database to ensure the integrity of analytics and compliance reports with PL/SQL functions for validation.
Oracle Blockchain Platform Cloud Service
It’s unclear at this point what kind of technical make up the digital yuan would have. The PBOC’s Fan also said the proposed two-tier model can help to “avert disintermediation in the financial sector” because the central bank will not be competing with the commercial banks. China has already given away millions of dollars worth of the digital currency in real-world trials in a number of cities including Shenzhen, Chengdu and Suzhou. These involve the local government handing out a certain amount of yuan via a lottery.
GUANGZHOU, China — China is arguably leading the world in developing a national digital currency, a project it has been working on since 2014. You’ll receive a deep dive on Mina, what you need to know to build a zkApp and a guide to all the resources available to you. Mina Foundation Head of Product, Brian McKenna, speaks to Coindesk Korea about why zero knowledge and Mina are key to advancing blockchain to the next level.
Blockchain Cloud—Easy to build on and out
Oracle Blockchain Platform helps bank clients to speed through individual account creation process and manages complex KYC document collection requirements for corporate services by providing a tamper proof digital identity. In a separate article, Fan outlined how a CBDC could make payments more efficient and improve the transmission of monetary policy. Fan also argues that a digital yuan could help with financial stability through a system of “controllable anonymity.” This is where the payments would be anonymous to some degree, but data analysis tools could help the central bank catch illegal activities. It’s effectively a way for the central bank to digitalize bank notes and coins in circulation. Criminal investigations track evidence chain of custody on a distributed ledger built on Oracle Blockchain Platform that connects multiple labs and increases public trust.
The only managed enterprise blockchain service with 99.95% SLA providing maximum availability via automatic deployment and replication across three availability domains in OCI regions. That means that it is not controlled by any central authority like a central bank, unlike the digital yuan which will be issued by the PBOC. WEF’s Xiao says it’s likely commercial banks could integrate similar functionality into their apps. And that Alipay and WeChat Pay could have a section of their apps dedicated to digital yuan. Meanwhile, smartphone makers could also create digital yuan wallets for their devices.
Automate manual tasks and synchronize with systems of record by posting custom events from chaincode to trigger back-office updates or downstream actions. “It will be interesting to see how phone companies seize the opportunity to become payments player in the market,” Xiao said. Fan Yifei, deputy governor of the PBOC, said last year that there is a “pressing need to digitalize cash and coin” as producing and storing these currently is expensive. In an article in state-backed publication Yicai Global, Fan said cash and coins are not easy to use, they’re easy to counterfeit and because of their anonymity, could be used for illicit purposes. “The use of cash is decreasing. Eventually cash will be replaced by something in digital format. That is one of the big drivers behind this,” Yan Xiao, project lead for digital trade at the World Economic Forum, told CNBC.
At this point, it’s unclear how users might actually hold and spend digital yuan when it is rolled out nationwide. The most popular form of mobile payment in China relies on so-called quick response (QR) codes. Users can display this barcode in their Alipay or WeChat app in a store and the merchant will scan it. Discover developer resources for building blockchain apps from the Oracle developer community. Leverage Blockchain out-of-the-box in Oracle FLEXCUBE core banking, Digital Innovation Platform for open banking, Netsuite SuiteCloud Platform, and other Oracle industry applications. Provision a new service instance in any supported Oracle Cloud region and complete the guided process to join the new organization.
Using Oracle Blockchain Platform’s technology creates a seamless ecosystem that keeps the patient’s distributed team of care providers in sync in real-time. Oracle Blockchain Platform provides retailers and consumers with trusted provenance information across the entire product journey, linking raw materials, certifications, and manufacturing processes for diamonds from mining to retail. Oracle Blockchain Platform uses smart contracts to help streamline transfers between mutual fund accounts and self-directed brokerage accounts, benefiting customers by reducing errors and overnight delays, enabling multiple daily transfers. Oracle Blockchain Platform provides bank customers with nearly instant funds availability for payments, remittances, corporate or personal accounts and ensures full auditability and AML compliance. Focus on applications with Oracle-managed service monitoring, integrated identity management, autonomous recoverability, and zero-downtime patching and upgrades.
“The biggest reason for them (the PBOC) to do this is to level the playing field. Another reason is maybe create a new platform payments system that will increase efficiency.” Fighting the growing problem of fake drugs using Oracle Blockchain Platform’s a distributedblockchain ledger and IoT to register and track all touchpoints in the drug’s movement, leaviesng no scope for record tampering. Oracle Blockchain Platform helps with tamper-evident recording of health test results and related data to ensure transparency in capturing, recording, and reporting of relevant statistics. Oracle Blockchain Platform combines data on animal ancestry and DNA, birth details, and laboratory results with data from retailers, along with tasting data crowdsourced from buying public, and provides a channel for farm-to-fork visibility.
This could include services to allow consumers to exchange their coins and cash for digital yuan. The People’s Bank of China (PBOC) has been spearheading work on the digital yuan, a so-called central bank digital currency (CBDC) that aims to replace some of the cash in circulation. “Healthcare infrastructures rely on siloed data, with each institution keeping independent records of the same information. Oracle Blockchain Platform enables our HealthSync Platform to aggregate data in a distributed ledger, giving providers a secure, single source of truth for better decision making.”
Moses Rajan, CEO, HealthSync Inc.
