By Tom Haunert
Blockchain is not Bitcoin, and Bitcoin is not blockchain. People understand the difference, in principle, but the cryptocurrency and the distributed digital ledger technology have a connected history. Add to that the fact that almost all descriptions of blockchain technology feature Bitcoin as the use-case example. And then throw in the news-feed-filling drama that surrounds Bitcoin. Breaking the links between blockchain and its proof-of-concept project, Bitcoin, can be confusing.
But that confusion is fading: blockchain is distancing itself from its origins, and businesses are seeing that blockchain can do much more.
And that potential of blockchain is getting the attention of technology creators and consumers. Given blockchain’s initial use case, some businesses are looking quite closely. So closely, in fact, that in “Cloud Predictions 2018,” Oracle predicts that blockchain will be the disruptive standard in modern commerce and that 30 percent of blockchain proof-of-concept projects will get the green light by 2020.
The Issue of Trust
In this issue’s cover feature, “It’s All About Trust,” author Alan Zeichick and Mark Rakhmilevich, product management director at Oracle, move the blockchain conversation beyond cryptocurrency, commerce, and financial services. Zeichick describes blockchain as a technology for trustworthy transactions and touches on use cases for blockchain across industries in areas including financial transactions, supply chain management, contract management, pharmaceutical trials, digital identity management, and more. “Blockchain doesn’t have to just be used for accounting ledgers,” says Rakhmilevich.
The cover story also discusses Hyperledger, a blockchain-focused industry initiative hosted by the Linux Foundation, and Oracle Blockchain Cloud Service, which is built on Hyperledger Fabric, a permissioned blockchain platform and Hyperledger project. Why use Hyperledger Fabric? Hyperledger Fabric–based blockchain services can talk to each other. If one transaction partner is using Oracle Blockchain Cloud Service and another is using a different Hyperledger Fabric–compliant service, the partners can transact directly.
This service compatibility is sure to help blockchain become the disruptive standard in modern commerce—and many other industries.
READ Cloud Predictions 2018.
LEARN more about blockchain at Oracle.
EXPLORE Oracle Blockchain Cloud Service.
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