Oracle’s focus on blockchain and innovation with start-ups
The development of blockchain created a string of new and innovative start-up businesses seeking ways to expand into the wider market. Recently, the world of blockchain has transformed rapidly and rather than a wave of young, innovative founders creating new blockchain solutions, it is the likes of major technology companies such as Microsoft, Amazon, and Oracle who have now joined in the blockchain market.
This development has triggered a mix of opinions, with some viewing it as a major move in actually standardizing and implementing the technology, whilst others perceive it as major technology taking over a modern tool for startup development. Nevertheless, both technology majors and new businesses are collaborating through blockchain development, which can only be a positive change.
Oracle, one of the leading software companies offers a detailed enterprise blockchain service and is continuing to provide support to emerging businesses in this market. Oracle is also driving this section of the business with further support from blockchain and a recent collaboration with Chainlink.
At the start of the summer, Chainlink confirmed they would be partnering with Oracle and its Oracle for Startups program. The start-up project works with new start-ups and innovative professionals worldwide. The program provides cloud credits, discounts, mentoring and access to customer and marketing services at Oracle. This new initiative with Chainlink is just one of several projects Oracle are working on, but it is one that targets start-up companies, supporting them selling their data to generate additional revenue. The decentralized oracle technology used by Chainlink will be utilized to generate revenue via smart contracts on the Oracle Blockchain Platform.
Some analysts are asking the question of why is Oracle diverting their attention from new technology to support start-ups. The answer really comes down to the essence of a start-up, which is creativity and innovation. Fernando Ribeiro, the senior manager for Oracle for Start-ups explains that the program is focused on enabling new businesses to develop their products via the Oracle cloud solutions and other resources, generating a string of innovative systems that benefit not only the start-up but Oracle and their customers.
Ribeiro refers to it as a win-win cycle of innovation for start-ups and Oracle. The program is allowing new businesses to partner, develop and scale their ideas on enterprise solutions such as Oracle’s cloud infrastructure and blockchain-as-a-service. For a business the size of Oracle, the ability to innovate and be flexible is more complex compared to a start-up. Consequently, the program enables Oracle to keep its finger on the pulse and ensure they are working closely and supporting innovative plans within the industry.
Why is Oracle so active in Blockchain technology?
Ribiero explains that Oracle believes that the simpler you make it for blockchain services to leverage off-chain data sources in a secure manner, the greater value they could provide for blockchain customers. Ribiero refers to the recent partnership with Chainlink as a vital way to test, understand and validate this process. In short, if easier access and secure connections with a range of external data sources make blockchain more applicable, then it will generate more customers to the Oracle Blockchain Platform.
The partnership and service offering from Oracle for start-ups and its latest partnership with Chainlink are positive developments for the market. For many innovators, the cost is a significant factor and barrier to progression. Creating a system with Oracle to increase revenue and at the same time enable new ideas to continue developing is an appealing offering for many start-ups. Ribiero highlights that they intend to work with pioneering companies across multiple industries, to ensure they remain competitive and continue driving innovation. As the Oracle Blockchain Platform continues to develop, the business intends to partner on new initiatives similar to Chainlink and expand these opportunities further.