With a tempering of blockchain fanfare as the technology crested the peak of the hype cycle, Oracle’s two-year-old foray into themay have gone largely unnoticed. Especially as it might have been dismissed as a copy cat or catch up move, as yet another large technology firm converted to the blockchain gospel like Microsoft and IBM before it. Oracle’s move, however, comes with a very different asset base, for which it is starting to realize gains from its blockchain offering.
From speaking to senior leaders at Oracle, the firm knows that this broad cross-industry integration is the source of its advantage vis-à-vis its peers. How it has positioned its blockchain bet comes with a keen awareness that this next wave of technology innovation is not about discrete yet disconnected pilot projects in single industry silos.
This move, much like the sectors where Oracle is seeing traction, such as retail, supply chain management, money transfer, among others, is a drive to increase speed, track and trace capabilities and, critically, accelerate financial settlements between counterparties – a process that without blockchain losses billions each year to insidious sources of friction, such as one-sided bookkeeping, asymmetrical information, and financial amnesia of the deliberate and accidental variety.
In this word, where no one trusts each other, a would-be claimant to an insurance policy, for example, must first “decriminalize” their rightful claim to any money, a process that isand can take years, for lingering fears of fraud and other financial risks. Imagine an alternate world where everyone participating in a commercial relationship was trusted from the outset and due commerce could flow in a highly traceable and nearly instantaneous settlement process.
Amid so much risk aversion with digital transformation and growing ambivalence of blockchain hype, Oracle's moves to simplify outcomes through a cloud-based, plug and play solution that sits astride its broad database capabilities can deliver that elusive return on technology investments that is so hard for mature industries to grasp.
Source: Digital Coin News (digitalcoinnews.net)
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