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Indian Oil Teams Up With IT Giant Oracle To Empower Blockchain Technology

Indian market is going to witness a boom in the blockchain technology with major players coming into action. In an astonishing move, techie giant Oracle announced the launch of latest Oracle Blockchain Cloud Service. The highly anticipated services will begin very soon worldwide for enhancing networks and businesses based on the blockchain.

According to Crypto News, it is stated that Oracle will provide services for creating a platform and its development within blockchain. In addition to this, the customers will be able to connect with each other and promptly integrate with Oracle SaaS along with their other third-party apps.

Executive Vice President of Oracle Cloud Platform Amit Zavery mentioned that blockchain is one turning out to be the transformative technologies of this generation. The company is excited to work on the Oracle Blockchain Cloud Service which is the effect of R&D. this is going to help the customers in enhancing their business, get rid of unnecessary processes and make an effective transaction within their networks. This system will allow them to operate more securely and efficiently than before.

How The New Oracle System Does Operates?

The announced service will be operated on the platform of The Linux Foundation’s Hyperledger Fabric. The important detail about this encryption-based technology is that it transforms the projects from pilot to production with smart contracts and distributed ledgers. As expenditure increases, buyers will have to shift on a fast working system which can offer better manageability, interoperability, scalability, and data security.

As an interesting fact, Oracle is already working with many big Indian companies which will leverage the blockchain networks like Indian Oil. There are many government projects already stepping into action with this new technology to get adapted into this era. This is one of its kind of first autonomous cloud-based platform along with other applications. The Oracle managed system will have the features of automated recovery, service monitoring, and zero-downtime patching



[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]

Neha graduated in Electronic Media and has worked with Times group for 3 years with an overall experience of 6 years. She is passionate about learning languages and is a certified French Language Expert and IELTS Trainer. Neha writes breaking cryptocurrency news stories for OWLT Market.

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