Things to know about Oracle blockchain cloud service

Blockchain is being considered the backbone of Web 3.0 -- The new computer -- a network that will be able to add intelligence to business processes through smart business contracts and will transform computer networks as they know them.

Blockchain technology is a hot topic right now. It will change how transactions are conducted shortly. This post will cover 11 important things about Oracle Blockchain Cloud Service.

A blockchain is a distributed database shared among nodes within a computer network. A blockchain is a distributed database that stores digital information in digital format. Most well-known is the role of blockchains in cryptocurrency systems like Bitcoin. They allow for the secure and decentralized storage of transactions. Blockchains are unique because they guarantee the security and integrity of records and can generate trust without the need for trusted third parties.

Blockchain technology is still in its early stages. There are no UX strategies or experiences that the end-user can use.

Here are some design parameters to consider:

• ● Ensure you have the assets you need to record on the blockchain platform
• ● The interdependency of the contract

Blockchain defined

Blockchain technology allows selected participants to share data. Blockchain technology allows selected participants to share data. Blockchain cloud services allow transactional data from multiple sources to be easily collected, integrated, and shared. Data is broken down and linked together with unique identifiers such as cryptographic hashes. Blockchain is a way to ensure data integrity from a single source. This reduces data duplication and improves security.

A blockchain system prevents fraud and data tampering. Without permission from a majority of the quorum, data cannot be modified or altered. Blockchain ledgers can be shared but cannot be altered. All parties will alert anyone attempting to alter data and they will be able to identify the responsible person.

A blockchain's data structure is a key difference from a traditional database. Blockchains are information-gathering systems that group into blocks. These groups can hold multiple information sets. Each block has a certain storage capacity and is linked to the previous filled block. This creates the chain of data called the blockchain. All information added after the block has been added is combined into a block that will be added to the chain when it has been filled.

All About Oracle Blockchain Cloud Services

1. What is Oracle PaaS? How does the blockchain cloud service fit in there?

PaaS refers to the variety of cloud services that are available for data management, application development, mobile, and integration. These can be used to create horizontal and SaaS-integration solutions.

Blockchain cloud service is an addition to PaaS. This allows you to create solutions that leverage other PaaS Services.

Oracle Blockchain Cloud Service provides a pre-assembled platform that allows you to build and run smart contracts, as well as maintain a tamper-proof distributed ledger. It reduces the need to use third-party intermediaries.

2. What words are most commonly associated with Oracle Blockchain Cloud Service (or Oracle Blockchain Cloud Service)?

These are some keywords and terms used in Blockchain Distributed Ledger: smart contract and nodes, immutable and non-repudiation ethereum Corda hyperledger decentralized, and consensus.

3. What is the Oracle Blockchain Cloud Service?

Oracle Blockchain Cloud Service is a network made up of validating peers (peers) that updates the ledger, responds to queries, and executes smart contract code. This is blockchain-based business logic.

External applications can invoke transactions and run queries through client SDKs, REST API calls. This prompts select peers to run the smart contract.

Once consensus has been reached on the order of transactions, transaction results are grouped into cryptographically secure, tamper-proof data blocks. These data blocks are sent to peer nodes for validation and added to the ledger. Service administrators can use Oracle Blockchain Cloud Service's web console to configure and monitor the operation of the blockchain.

4. Does Oracle create a business network using its blockchain?

No, Oracle provides a blockchain cloud platform that customers and partners can use for creating consortiums and business networks. Our solution provides the enabling distributed blockchain technology as well as related capabilities to build and maintain business networks and applications.

5. What are the key features of Oracle Blockchain Cloud Service's Oracle Blockchain Cloud Service service?

Transparent & Shared

All participants receive the same data.

• ● Participants receive the same updates.
• ● Data can only be accessed by authorized participants

Undeniable & Accurate

• ● A subset of nodes agrees on new blocks/transactions.
• ● It is impossible to deny the existence and validity of the record.

Unchangeable

• ● Each block is a hash from the previous block, creating the chain.
• ● Distributed among participants.
• ● Records can't be altered or deleted undetectably - they can only be added.

Encrypted to Protect Confidentiality

• ● All records are encrypted.
• ● Only authorized users with the appropriate keys can see the data.

6. What types of blockchain are there?

Public (a.k.a. "Permissionless")

• ● Anyone can join the network to receive a copy of the ledger (e.g. Bitcoin, Ethereum).
• ● This is a computer-intensive mining process that adds blocks cryptographically.
• ● To ensure security, consensus models that are based on computationally costly algorithms need the processing power of many nodes.

Permissioned

• ● Closed ecosystem: Members are welcome to join and keep copies of the ledger.
• ● It is known who members are in the legal (real) world. This information is available to at least the operators of blockchain but not all participants.
• ● Knowing who the members of a consensus protocol are crucial. PBFT for greater scalability.

7. What is the average business value of BCS in your industry?

• ● Accelerating transactions can increase business velocity and enable new revenue streams and business models.
• ● Automate multi-party business processes
• ● Use intermediaries to reduce cost and minimize risk
• ● Reduce fraud costs and ensure regulatory compliance
• ● Avoid manual reconciliation and offline reconciliation to improve data quality and timeliness.
• ● Auditability and trust can be increased, which in turn will reduce audit costs.

8. What are the components in BCS?

Managed Pre-Assembled PaaS

• ● Simple operations and rapid global provisioning
• ● As early standards are developed, you can outsource risk.

Expands Enterprise Boundaries

• ● Integration with Oracle SaaS, Apps for customers in cloud or on-premises.
• ● Support for Netsuite and Open Banking Platform OOTB

Enterprise-Grade Platform, Resilient

• ● Permissioned, secure blockchain that can be used for autonomous recovery and monitoring.
• ● Encryption of data at rest and backup to the continuous ledger

9. Why did Oracle choose Hyperledger Fabric to be its starting point?

A community of enterprise blockchain users hosted by The Linux Foundation

• ● The industry is accepting the governance model.
• ● Oracle is a member of the Technical Committees and has the right to vote on decisions.

Fabric project is an open-source platform for distributed ledger solutions. It's intended to be a foundation for building blockchain solutions.

• ● This permissioned Blockchain model includes membership services.
• ● There is no cryptocurrency!
• ● This modular architecture allows components such as membership services and consensus to be easily integrated.
• ● Programmable - uses containers to host smart contracts for automating business processes.
• ● Focuses on a scalable implementation with confidentiality/privacy provisions.
• ● Allows pluggable information store, consensus protocol, as well as multiple providers of member services.

10. What applications can blockchain have in specific industries.

The blockchain can also be used in the financial sector.

• ● Retail Payments for Parallel Currency Systems (traditional and cryptocurrencies) Remittances
• ● Cross-border FX and correspondent banks for wholesale payments
• ● Capital markets, securities settlements, asset/collateral documentation
• ● Trade finance, transaction, banking supply chain, and receivables
• ● Finance commodities
• ● Trade finance

It can also be used by the public sector to obtain regulatory certification and government records. It can also be used in healthcare to conduct clinical trials or detect counterfeit drugs.

How can you start learning Oracle Blockchain Cloud Service

Oracle Blockchain Cloud Service is part of the Oracle PaaS offering. Oracle University offers subscription-based learning in PaaS and workshops to help you upskill your staff.

Professionals -learn Blockchain Technology for Professionals.

Students: explore Blockchain Oracle solutions that leverage the PAAS/IAAS platform to help you get started with Java, Database, and Node.Js programming.

12. What is the square measurement of key properties for Oracle Blockchain Cloud Service?

• ● Shared All participants can see the same information.
• ● Participants receive the same updates.
• ● Participants who have been authorized can access the information.
• ● Undisputed Consensus from a group of nodes on new blocks/transactions
• ● The record's existence and validity cannot be denied.
• ● Unchangeable
• ● All records are encrypted.
• ● Only licensed users with the appropriate keys can read the information.

13. What is the square measurement of the categories in blockchains?

• ● Everyone will become part of the network, and each person will have a copy of the ledger.
• ● This is the CPU resource-intensive mining method used to feature blocks cryptographically.
• ● To ensure security, Consensus models that support computationally expensive algorithms require the processing power of many nodes.
• ● Permission
• ● Closed ecosystem: Members square measure invited to join and keep a duplicate.
• ● The real (legal) world knows who members are. However, not all of them.
• ● The UN agency of the members is important for consensus protocols. PBFT, for larger quantifiability

Conclusion

This tutorial will explain what Blockchain Oracle is. We also discussed the most important aspects that are connected to it in detail.