On: June 07, 2018 In: Blockchain, Oracle APEX Comments: 0

Blockchain is a technology buzzword getting a lot of attention these days. At its core, this technology is a means for securing data in a distributed database. The data is de-centralized as opposed to all together in one place such as in a traditional database structure. Its design makes it potentially more secure as well.

If you’re a DBA or a software developer, this certainly gets you wondering if you will end up working with such a technology. You may even be wondering if it will replace centralized database technology altogether. However, along with all the excitement about Blockchains, there’s also confusion and negative sentiment. There’s the fact that blockchains have long been associated with the cryptocurrency industry, and its speculative nature. Blockchain is indeed the main technology behind cryptocurrencies, but they are two separate ideas that were developed together.

The origins of Blockchain

When the stock market crashed in 2008, it undermined confidence in the legitimacy of US banks. Several major US banks had provided housing loans to many people who could no longer afford them. These customers defaulted on their payments and the banks lost enormous amounts of money.  Some of them went bankrupt.  The US government bailed out many banks and lending institutions. Banks, once considered unassailable authorities in the matters of lending and money handling were suddenly questionable, as were the regulations that governed them.

The Idea of Bitcoin evolved shortly after the crash. Its creator (Satoshi Nakamoto, likely a pseudonym) saw it as an antidote to the failure of these central authorities. He also developed Blockchain because it does away with the necessity of a third party or central authority for the approval of a transaction. Instead, it creates a public digital ledger in a distributed network of computers. It is reliable because every transaction is cryptographically secure and linked through encryption to a previous transaction. Consequently, transactions are very hard to fake.  It also keeps a permanent (immutable) record of each and every transaction.

Not just for currency

But Bitcoin is merely one of the thousands of possible applications for Blockchain. It can record loans or contracts, medical and legal records and much more. According to the International Monetary Fund, it even has the potential to empower millions of people in developing nations by providing “new low-cost payment methods to those who lack bank accounts”.

What does Blockchain have in store for you?

I believe Blockchain has a great future ahead of it. It will surely revolutionize how we trade, manage assets and exchange information. That said, no matter what industry you work in, Blockchain is potentially disruptive. And this gets back to whether this technology may have a direct impact on your work.  On June 11 at Kscope18 I’ll be presenting “Blockchain Applied: Finding a Use Case for APEX.”I’ll be talking about the principles of Blockchain and how this technology may apply or impact the Oracle APEX developer.

 

Blockchain Applied: Finding a Use Case for APEX – by Adrian Png

When: June 11, 2018, Session 1, 10:45 AM – 11:45 AM
Room: Northern Hemisphere E2, Fifth Level
Topic: Application Express – Subtopic: APEX Integration

Subscribe

Get our latest content delivered to your inbox and stay informed on our upcoming educational events.

Related Content

Simplified E-Business Suite Development -Think Oracle APEX

When it comes to extending applications in the Oracle E-Business Suite Environment, EBS Developers and their managers have been presented with some difficult options...

Learn More
Autonomous Blockchain, It’s Almost Here!

ICYMI (in case you missed it), Oracle is having a special live webcast on July 16, 2018. After several false expectations from the media,...

Learn More
City of Montreal Recognizes Insum with Intercultural Award

The City of Montreal Recognizes Insum with an Intercultural Award On April 17th, 2018, the City of Montreal honored Insum with the Abe-Limonchik intercultural...

Learn More
Kscope Highlights – Ideas, Friends, Fun

Kscope 2018 was held in Orlando, Fl. from June 10 to June 14  Seeing as only a fraction of the total APEX community can actually...

Learn More
Power Ranking Oracle APEX 18.1 New Features – May

FINALLY! After months of anticipation, Oracle Application Express (APEX) version 18.1 has arrived! Taking a look at the new features included definitely makes it...

Learn More