Investors in Oracle Corp (NYSE:ORCL). have news to digest as the second-largest software company in the world announced its intention to have a blockchain product ready by the end of May.
Speaking at Oracle’s headquarters, Thomas Kurian, president of product development, said that the company’s software would be a blockchain-powered platform-as-a-service product, and added that it would have interoperability with other services.
According to Kurian, Oracle is already using its software to work with prominent clients. One of these clients is Banco de Chile, which is using the software to better track transactions that leave and enter its bank.
Nigeria’s government is also working with Oracle to put its customs and import taxes on a blockchain.
At the beginning of October last year, we saw signs that Oracle might pursue a blockchain solution of its own when it teamed up with Hyperledger to develop enterprise-level software on the cloud.
Nothing was heard after that announcement, giving the impression that the company might not be prioritizing this move. Despite the background work, Oracle must hurry, since IBM (NYSE:IBM) has already beat the company with its own blockchain endeavors with software based on Hyperledger Fabric.
The famous computing company recently announced to its investors that more than 400 companies are now using its blockchain products, including Maersk, Audi, Krungsri, and Helzberg.
It bears noting that this niche still has a lot of room to grow, but IBM has already built a strong reputation by having its own product. If Oracle’s cloud-focused PaaS approach provides any significant competitive advantages, it might be able to claim some of IBM’s market share.
This article appeared first on Cryptovest
