As small and medium businesses and start-ups in India begin to embrace cloud for their digital transformation, global tech major Oracle is witnessing growth at an unprecedented growth, , according to a senior company executive.
“We are signing on hundreds of new Cloud customers every year and witnessing strong growth in our cloud revenue,” said Shailender Kumar, managing director, Oracle India. Some of the big clients for the company are the State Bank of India (SBI), HDFC Bank, ICICI Bank and Persistent Systems, among others.
“Now even start-ups and mid-size firms have started to adopt cloud,” Kumar noted. According to him, Blockchain- touted as one of the most promising transformative technologies is witnessing a rapid adoption worldwide and Indian firms too are embracing the technology across industry sectors.
The Blockchain technology has the potential to fundamentally change how every industry does business by making interactions more secure, transparent, efficient and cost-effective.
“Customers here in India have shown encouraging responses. Some are running pilot projects too. Moreover, Blockchain projects are quickly moving from pilot to production as enterprises and governments begin to see the inherent value of distributed ledgers and smart contracts,” Kumar noted.
A Blockchain is a continuously growing list of records called blocks which are linked and secured using cryptography. According to IT industry’s apex body Nasscom, by increasing productivity and reducing cost, Blockchain technology has the potential to create value of up to $5 billion in India in the next five years.
Kumar, however, has seen Blockchain adoption beyond the banking, financial services and insurance sector in India. “There is a lot of interest from the Indian organisations across sectors, beyond BFSI, where we have witnessed initial uptake. We see opportunity in pharma, oil and gas, retail and telecom, among other sectors,” he said.
Forward thinking companies in the healthcare space are experimenting with Blockchain for supply chain management, combating spurious drugs in the system as well as for clinical trials.
“Oil companies are keen on using Blockchain technology for checking the authenticity of the bids and security,” Kumar said.
To help businesses build Blockchain networks to drive efficient transactions, Oracle in July made its “Blockchain Cloud Service” available in India.
“Businesses around the world have been deploying an early adopter version of Oracle ‘Blockchain Cloud Service’, which allows organisations to easily build blockchain networks to drive more secure and efficient transactions and to track goods through supply chains on a global scale,” Kumar explained. IANS