Oracle Blockchain Platform Helps Fintech Startup To Improve Payment Processes

IOT News Oracle Blockchain Platform Helps Fintech Startup To Improve Payment ProcessesFintech startup has announced its partnership with Oracle for utilizing the Oracle Blockchain Platform to advance payment processes and take out intermediaries. Through this partnership, intended to better payment processes as well as making them more cost efficient and secured. As offering a payment platform for banks and financial institutions, the company is seeking to replace intermediary financial institutions with the new system that would supposedly result in reducing the time needed for cross-border transactions to a few seconds and remove related transaction fees.

Group Vice President of Blockchain Development platform at Oracle, Frank Xiong said that Blockchain could transform digital payment processing in coming days, advance the user experience, speed, security, and cost of each and every payment drastically. Besides, the global computer tech giant has added new features on its enterprise-grade Oracle Blockchain Platform, to assist users to accelerate the development, integration, and deployment of new Blockchain applications. With Oracle’s new expanded features, the company’s customers can get a number of developer tools, and identity management and data integration feature like enabling the integration of Blockchain transaction history with other data resources. New features, particularly, comprise an enhanced world state database, a rich history database, identity federation and support for Hyperledger Fabric version 1.3.

In October last year, Oracle launched a suite of Blockchain-based SaaS applications (Software-as-a-Service) based on its Oracle Blockchain Cloud Service that is reportedly intended to advance the capability of tracing and transparency throughout supply chains. The product also enables its users to track the legitimacy of product components and temperature-control, in addition, to reduce paper waste.