Overall Satisfaction with Oracle Blockchain Cloud
Oracle Blockchain is currently in use across the bank to serve cross boarders money transfer between our subsidiaries outside Jordan. Traditionally, funds transfer will take up to 3 days to be deposited in the beneficiary account, in addition to the high cost of this transaction and data privacy issue because of intermediaries.
- Because of the ready set of APIs, it becomes easy to interact with Oracle Blockchain Cloud, and to integrate with other systems.
- The built-in security features, such as identity management and data encryption, made it an ideal choice given our industry requirements and compliance needs.
- The deployment flexibility, as it enabled us to choose either using the private cloud option, deploy on Oracle public cloud, or a mix between them in a hybrid deployment.
- We need to see Oracle Blockchain Cloud communicate and integrate with other BC networks.
- It has a direct positive impact on ROI, and by eliminating intermediaries from the process, we saved the related cost, which makes funds transfer cheaper.
- It's provided more simple back-office operations, which again has a direct positive impact on ROI by saving staff time and efforts in handling transactions.
The local presence of Oracle and their support make this initiative a success story. The built-in features include such as the ready set of REST API's, enhanced security features, and strong monitoring tools.
I believe Oracle Blockchain Cloud is a promising technology in the area of data privacy and e-KYC, especially in the banking industry, as it can be a centralized source of customer information for financial institutions, which will make it as a single source of truth. In my opinion, this will serve the purpose of an open banking concept. Also, and because of the Blockchain characteristics, I see a fundamental role for it in overcoming PKI limitation and enhancing IoT.