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“In traditional database systems, there is only one copy of the data for all parties to reference, but blockchain’s distributed nature means all of the peers now hold a copy of the data.

That will expand the data-storage requirements on businesses, especially those in industries with typically high transaction rates.” In October, Oracle announced the formation of Oracle Blockchain Cloud Service, which helps customers extend existing applications such as enterprise-resource management systems.

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“Blockchain is one of the bright sectors in technology,” said Roger Kay, president of Endpoint Technologies Associates Inc.

“Since blockchain infrastructure is fairly beefy, there will be a large pool of revenue associated with sales of equipment, software and related services for blockchain installations.” In addition to hiring third parties for cloud use, companies will rely more on their own databases for storage, said Amit Zavery, senior vice president of Oracle Cloud Platform.

Big Blue, meanwhile, has been one of the k ey companies behind the Hyperledger consortium, a nonprofit open-source project that aims to create efficient standards for commercial use of blockchain technology.Blockchain enables companies doing business with one another to record transactions securely.Its strength lies in its trustworthiness: It is difficult to reverse or change what’s been recorded.The blockchain can also hold many more documents and data than traditional database storage, allowing for more nuanced insights and analysis.It can also hold embedded contracts, such as a lease for a car, whose virtual key could be transferred to a bank in the event of a default.

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