Blockchain technologies continue to grow and expand with each passing day. More and more companies have started to trial blockchain-related projects. In fact, BBVA recently issued a loan through blockchain. The technology, in that instance, slashed processing times down to hours, which is unheard of in the banking industry. Now Oracle, a software giant, is reportedly about to launch blockchain products to the market.
Oracle To Release Blockchain Products In The Immediate Future
According to Bloomberg, a number of products will be made available by Oracle. A platform-as-a-service (PaaS) should hit the market this month. June will see the release of multiple decentralized ledger projects as well. That's all Bloomberg mentioned in its report, but more products and projects should come later this year and in 2019. For now, Oracle continues to work with various countries on blockchain-based projects.
Other Companies Jumping Into Blockchain Technology As Well
Nobody should feel surprised by this news, though. Electronics giant Samsung announced in April that the company would manage its supply chain using the blockchain. With a successful implementation of the tech, Samsun could cut its cost by nearly 25%. Everyone from banking giants to tech giants has dabbled in the blockchain. Most companies find themselves in the testing phases for these projects, but many are near official release.
Blockchain technologies are quite versatile and can be utilized in countless ways. Of course, cryptocurrencies brought the concept of the blockchain into the mainstream. Cryptocurrencies like Bitcoin and Ripple drove innovation in blockchain technology. Now we're starting to see incredible results from these developments. At this point, blockchain may become more mainstream than cryptocurrencies themselves.
Oracle's blockchain projects and products could bring great success to the company. Further adoption by other businesses would drive profits for the tech giant. Plus, more adoption would lead to more recognition for blockchain itself. Other projects in this realm are coming, and they could revolutionize existing institutions and processes. The banking industry may see the most significant results from the blockchain.
Either way, it's a great time for companies to adopt this technology for their own needs.