“Oracle Retail Xstore Point-of-Service will deliver a substantially improved experience for both customers and colleagues and is the foundation for our future development of an integrated omnichannel platform,” said the information technology director of Wyevale Garden Centres, Andrew Parr.
This comes a few weeks after Oracle announced that it was embracing blockchain – a distributed ledger technology on which Bitcoin as well other cryptocurrencies are founded. Proponents of the technology say it will allow secure transactions since distributed ledgers are used as they are not in control of any single third party. Since there is a need for distributed computing resources, public cloud data facilities located across the globe can enable this distributed ledger aspect.
With efficiency, transparency and security being the key advantages offered by the blockchain technology, Oracle’s adoption of the same will allow its customers to share their data in a secure manner inside and outside the enterprise software maker’s cloud ecosystem.
Verification of transactions
A manufacturer could for instance use Oracle’s blockchain technology in verifying whether the parts that had been ordered have been shipped and ascertain that they were obtained from the supplier who had been approved. Down the chain the technology could be used in validating whether a certain product has been sold and whether that transaction has closed.
Oracle’s blockchain will be offered as a PaaS – Platform as a Service in all kinds of transactions including procurement transactions and intercompany accounting transactions. According to the senior vice president of Oracle Cloud, Amit Zavery, interest on the blockchain technology initially came from customers in the financial services sector before government agencies and manufacturers took an interest too.
Mainstream tech firms
Oracle is not the only mainstream tech company that is offering blockchain technology services. IBM has for instance been offering cloud blockchain services for over a year now. Microsoft has also announced software frameworks and tools which are aimed at making the development of blockchain apps easier and accessible on Azure, its public cloud service.
A few months ago Oracle joined the Hyperledger consortium where other industry heavyweights such as Microsoft, SAP, IBM and Accenture are already members. The aim of the consortium is the promotion of blockchain in business applications that are widely used. Hyperledger is hosted by The Linux Foundation.