Oracle Malaysia’s MD On Blockchain’s Potential

Anil Prabha

June 2, 2020

When it comes to blockchain technology and its underlying potential to be the connecting fabric that serves as a catalyst towards trans-formative change, big tech players like Oracle have already staked their respective claims to the territory. We sat down with Fitri Abdullah, Managing Director of Oracle Malaysia, for his thoughts on Blockchain technology and its wider role in the current global IT ecosystem. This is our third part in this interview series.

At Asia Blockchain Review, we are always looking at how Blockchain can re-imagine and revolutionize pain points into proper potential. From your perspective, how do you see Blockchain fairing in this regard, both locally and globally?

Fitri believes that Blockchain has the potential to transform global businesses across multiple industries. In particular, it is helping businesses:

  • Increase transactional trust – since every participant can see every block in the chain, it’s easier to ensure that all transactions are above board and check that they are error-free. It’s hard to deal under the table when everyone is watching. Eliminating discrepancies upfront help reduces the reconciliation effort later on.
  • Improve visibility through real-time data sharing – Helping to optimize the business decisions, identify and deal with disruptions in multi-tier supply chains, and speed up response to critical events.
  • Reduce fraud – Similarly, it becomes difficult—if not impossible—to hide, misrepresent or delete monetary or other transactions (for example, the movement of commodities). 
  • Reduce risks and associated moral hazards – With more trust and reduced fraud, enterprise risk is likewise reduced. Moral hazards are harder to hide as contracts and deals are evaluated. 
  • Lower transaction costs and faster processing times – Fewer systems and organizational infrastructure help simplify and speed up the entire transaction process, for less money.

Blockchain : Trust And Agility

To help customers increase trust and provide agility in transactions across their business networks, Oracle offers both Oracle Blockchain Platform, a comprehensive, distributed ledger cloud PaaS and on-premises platform that enables users to provision Blockchain networks. It enables businesses to join other organizations’ networks, and deploy and run smart contracts to support trusted transactions and real-time data sharing for current and new applications.  Additionally, Oracle released in 2019 the Oracle Intelligent Track and Trace SaaS Application built on the Blockchain Platform to provide business-ready functionality for Supply Chain Management users. This new use-case-specific SaaS application with built-in blockchain capabilities helps enhance traceability and transparency throughout the supply chain

It’s A Global Game

Through these offerings,  Oracle is helping enterprises resolve many of the challenges they are facing both locally and internationally. For instance, Oracle’s comprehensive Blockchain platform is built on Hyperledger Fabric, an open-source project governed by The Linux Foundation, ensuring compatibility with other member systems. It comes in a plug and play format making integration easy with Oracle and third-party applications helping ensure fast integration with diverse systems of record and data sources, making deployment more simple and cost-effective. Fitri explains that it is delivered as an enterprise-grade, managed service with a 99.95 percent uptime guarantee, backed by enhanced security, availability, and continuous ledger backups for multi-data-center disaster recovery. “As it is pre-assembled, including a built-in identity management framework, object store, and REST APIs, this reduces setup time from weeks to minutes…some businesses have already adopted Blockchain and we try as much to help businesses make this shift,” he concluded.

Be sure to tune in to our 4th part of this interview series next week with Fitri Abdullah, MD of Oracle Malaysia.

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About the author
Anil Prabha

Editor In Chief

Anil started his career in journalism all the way back in 2003. After traversing the sphere of editorial, corporate communications and advertising, he has now come full circle and is back in the world of journalism. He believes in the power of the written word, and its ability to enthrall, delight and inform the reader.

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