Oracle Blockchian Cloud Application Leader David Haimes Explained Why They Don’t Offer Token

    1458

Oracle joins the blockchain-as-a-service competition following its peer since middle of 2018.

In July 16, 2018, Oracle announced its Blockchain Cloud Service officially. Oracle claimed that they will offer an easier way to adopt blockchain and transform the enterprise with the industry’s most comprehensive, autonomous, and enterprise-grade managed blockchain cloud service.

David Haimes, the Senior Director of Oracle ERP Cloud Development, has spoke with CoinTime for more detail of it in GDIS hosted by Silicon Valley Business Institute.

Layout in Blockchain

Right now, Oracle has came on multiple levels in blockchain area, according to Haimes.

“The first level we have oracle labs. They just do research to figure out the technology looking in consensus and algorisms things like that.” 

Then the next level is focused on blockchain platform. “We have the technology team that are looking in a blockchain platform. So we could run new blockchain nodes and run the network if you want.”

Haimes himself comes from the department which is “ looking at the application so we build enterprise applications from everything, like HR system for managing people and payroll, financial system for supply chain and so on and all these functions.”

David Haimes believes that blockchain cloud service can really help the enterprises in many ways. He said,

“Fundamentally we want those things do is they deal with interactions between you and your trading customers/ suppliers etc. There are lots of messaging back and forward between them. There is huge efficiency there. There are so many data we need separately when we making transactions and there are billions of dollars in it. So blockchain is a really great mechanism for us to share that data.”

On the platform, the two sides of the trade have to reach a agreement about the update and information. Haimes explained, “I can only update it if you get the update too, so we guarantee that we both agree on the data about what trade we are doing or anything else in any time.”

For example, Oracle has built systems for colleges to manage their students. So when one student transfers from one university to another, the student needs to proof the credits that he has got in the former university to complete and get the master degree. Today it happens by sending pieces of paper between the two. But with blockchain system, the two universities could pull out the data on the blockchain to confirm the information. Oracle has also built HR system and recruiting system, which data can be accessible on chain instead of manual confirmation.

What's worth mention is that there is no token in Oracle's blockchain system. “We are not doing any work with tokens and cryptocurrency for sure. We don't need tokens because people have other incentives. If I invested a network useful to me, I am happy to spend money on running nodes and supporting the network because I will get benefit for myself,” David Haimes said.

Permissioned VS. Public Blockchain

It seems like all big companies have made the same choice: no taken.

With more capital and technology resources, companies like Oracle, IBM and Microsoft make their own way in blockchain indutry.

Compared to public chain like Ethereum or EOS, the blockchain of Oracle can be called the permissioned blockchain.

“Big companies are interested in anything but cryptocurrencies, or the public blockchains. One of the reasons is mostly unpredictability and it’s anonymous. People don’t know whether they should pay tax, whether they are on a blacklist,” Haimes said.

David Haimes also thinks that the cost of public chain is a problem for big companies. “If you look at Ethereum, when I want to push transaction through Ethereum, I have to pay gas and some amount of ETHs, to power that transactions. The price and the cost can’t be planned. Most established businesses won’t risk to do this kind of transactions.”

Haimes believes that for big companies, the way to solve the problem of public chain is to remove the anonymity.

“You have to at least say who you are, where you are. Just as the same way as if I want to put a website on the internet, I need to register my domain name.” So once the mechanism consensus settle, the system don't really need PoW anymore.

 “If you look at the protocol like Hyper Ledger and Fabric, because their consensus mechanisms don’t require PoW or even PoS, right now it has thousands transactions per second, and I think it’s way faster than the current blockchain technology,” he said.

Where would the industry go?

The Oracle blockchain platform has already helped to deploy the technology in industries like medicine, airline, transportation and food safety.

Which area would rise the massive use of blockchain application? Haimes thinks that it's hard to know yet.

“It's difficult to know which network will be the first to boom from a low usage to huge volume of transactions on it, because the key point is not the technology or application. The key point is what we can get from the ecosystem or the business network.” 

Haimes doesn't believe that blockchain will truly become a standard and grow very fast. He thinks what is more important is  if businesses and organizations are prepared to collaborate and set the rules for the blockchain network, and then invest the blockchain technology together. He also thinks that blockchain application will grow very quickly if businesses and organizations are prepared. Companies may actually face bigger barriers when they have to work together with competitors or make legal agreements instead of dealing with the blockchain technology.

    Adapted from: Author: Emily Executive editor: Emily Sun
Declaration:In this article, the original copy of COINTIME, which is copyrighted by COINTIME, shall not be reproduced without authorization, and the authorized media shall specify "News from COINTIME" when quote the article, and the offender will be held accountable according to law.
    News ranking
Not found
    Hot
Not found
Feed
back
TOP

Copyright © Cointime Copyright notice

https://t.me/cointimeus