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Oracle has officially become a member of the Blockchain development program called “Hyperledger” as of late August 2017.
Technology giant Oracle has officially become a member of the Hyperledger project as of August 2017. Hyperledger is a Blockchain-based project led by the Linux Foundation. Oracle intends to utilize the Hyperledger Fabric Blockchain code as the platform for its new cloud-based service.
According to Oracle’s SVP for cloud platforms and middleware, Amit Zavery, the project is a vital component of their proposed Blockchain-based cloud platforms for commercial use.
"As we develop our Blockchain cloud platform for enterprise use, we believe scalable cross-industry technologies, confidential transactions, and modular architecture promoted through initiatives like the Hyperledger Project, are critical components."
The software giant is keenly interested in Blockchain, having already advanced other Blockchain projects in the past. In September 2016, Oracle filed a patent for a Blockchain-based system to improve its internal processes.
In May 2016, the company also filed a patent application titled “Accountability and Trust in Distributed Ledger Systems,” which aims to introduce “fair” governance to permissioned Blockchains.
Aside from Oracle, the newest members of the initiative are the Patientory Foundation and BTS, which joined the project amidst the election season for new members of the program’s Technical Steering Committee. The new members of the committee were already named, with voting for the committee’s new chairperson scheduled to start on August 31.
The Hyperledger project is an open source initiative that aims to advance the use of Blockchain technology for the recording and verification of transactions. The technology is a shared, transparent, and decentralized system that is peer-to-peer in nature. Among the founding members of the project are ABN AMRO, ANZ Bank, CME Group, and Fujitsu Ltd.
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