Oracle Blockchain Cloud Services is a pre – assembled platform for smart contracts and blockchain networks designed by Oracle
It is the number of the cloud services that are developed together by combining blockchain technology and Oracle for the purpose of the development of the application , management of the data , to achieve an integration that can be used to develop Software as a Service (Saas) integrated solutions. Platform as a Service (PaaS) has recently added the Blockchain Cloud Service under application development.
Working of Blockchain Cloud Services (BCS)
Oracle Blockchain Cloud Service is a network that consists of nodes that validate the transactions that happen on that particular network. These nodes respond to the queries put by participants on the network through other nodes by running smart codes that were pre-programmed onto them. It also updates the distributed ledger of the blockchain network whenever new transactions take place on the network and new blocks are added.
The external applications which make transactions on the blockchain network post query regarding the transactions on the blockchain network through Client’s Content Development Kit (CDK). This CDK triggers the validating nodes to run the smart contracts to validate and make the requested transactions successful once the validating condition for the execution of the smart contract is fulfilled on the blockchain network. Then the consensus is reached to the transaction and the transaction is processed. The results of the transaction are then grouped into cryptographically encrypted and tamper-proof, secure blocks. These blocks are then added to the blockchain network and the distributed ledger is also updated.
Since the blockchain network is a distributed , peer to peer network , a copy of all these transactions and also a copy of the updated ledger is kept by all the nodes on the network.
Key Properties of the Oracle Blockchain Cloud Service
- Shared and Transparent: All participants see consisted and updated data and only authorized participants can access the data.
- Undeniable and Accurate: Consensus mechanism will be applied from the sub nodes onto newly added blocks or transactions and the existence and validity of the data cannot be denied.
- Unchangeable: Each new block contains the hash of the previous block and all the blocks on the blockchain are interlinked. If a change is made to any of the blocks, it’s hash value changes and as this hash value is present in its succeeding block, that block value is also changed, hence the change can be easily detected and if multiple attempts are made for changing the data, the whole blockchain will become invalid.
- Encrypted for Confidentiality: Blockchains are designed to be secured from any chances of fraud as transactions with high values take place on the network. Each block or transaction is encrypted using both private keys and can be decrypted only if both the public and private keys are matched hence making the blockchain secure from illegal or illicit transactions.