Oracle Corp. will release blockchain products during the next two months, Thomas Kurian, president of product development, said at the company's headquarters in Redwood City, Calif., May 7, as reported by Bloomberg.
Here are three things to know about the new products.
1. Blockchain, often referred to as a "digital ledger," is a permanent and shared record of online transactions or exchanges. Unlike a traditional database that is centrally located and maintained by one party, a blockchain record is shared among a network of users.
2. Oracle plans to release a platform-as-a-service blockchain product in May and a set of decentralized ledger-based applications in June, according to Bloomberg.
3. The company revealed plans to work with Banco de Chile and the government of Nigeria to log various transactions on blockchain. Oracle also has plans to pitch its products to pharmaceutical companies, which can use blockchain to track and trace batches of medications.