SPARTA, N.J., Dec. 1, 2017 /PRNewswire/ -- AuraBlocks, a leading blockchain consulting, design, implementation and training firm, joined with Biz2Credit, a leading online marketplace for small and mid-size business lending, to present a transformational lending model at Oracle OpenWorld 2017 in San Francisco.
Today, the SMB lending industry struggles with the financial transparency of borrowers. Hence, they tend to lend less and incur higher operational costs to enforce and verify loan covenants. Blockchain technology, however, can increase transparency through a tamper-resistant, distributed ledger that can maintain an accurate transaction history for auditing.
AuraBlocks, a silver-level member of Oracle PartnerNetwork (OPN), is one of the few firms that specializes in the implementation of Oracle Blockchain Cloud Service (BCS) and understands how it helps customers realize business benefits.
"The REST API and operations console available as part of Oracle BCS makes integration a breeze," said Kiran Murty, Co-Founder and CTO of Aurablocks. "What would have taken months of implementation, now takes only hours or days, with fewer engineers. This new Blockchain Cloud offering from Oracle will revolutionize the industry."
Implementing on Oracle Blockchain Cloud Service, AuraBlocks and Biz2Credit have created a unique blockchain application that they believe will transform traditional lending. It enables lenders to gain higher transparency of SMB financials, reduce the fraud in borrower statements, increase deal flow for the lender, improve the quality of balance sheet loans and offer borrowers preferred rates with higher access to capital.
"Implementing the AuraBlocks solution developed on the Oracle BCS, could reduce our operational costs by 25% on a $1 billion book of business, allowing us to potentially recapture millions of dollars in lost revenue," according to Venkatesh Bala, Ph.D, Chief Risk Officer for Biz2Credit.
Announced at OpenWorld 2017, Oracle BCS has paved the way for Internet-enabled businesses to embrace one of today's most disruptive emerging technologies with an enterprise-grade distributed ledger cloud platform. AuraBlocks has carved out a niche in the financial technology vertical as an early adopter and has aligned itself with Oracle's blockchain platform.
"The recent demonstrations by Aurablocks and Biz2Credit on early access packages of Oracle Blockchain Cloud Service are a promising example of how the new platform can help businesses streamline processes and improve agility," said Frank Xiong, group vice president of blockchain product development, Oracle. "We look forward to continuing our work with partners and building out a strong portfolio of use cases for enterprises."
Enterprise use of blockchain has grown rapidly, but very few companies truly understand the nuances and challenges of implementing blockchain. AuraBlocks is a visionary advisory, training and Enterprise blockchain consulting delivery firm specializing in Financial Services, embracing Oracle's blockchain platform as the future for enterprise distributed ledger technology solutions.
"This technology should dramatically reduce operational costs, which in turn can be passed onto the borrowers in the form of lower rates," said Rohit Arora, CEO of Biz2Credit.
Aurablocks is poised to usher in the next generation of blockchain business productivity by offering enterprise class blockchain services, using Oracle Blockchain Cloud Service.
About Oracle PartnerNetwork
Oracle PartnerNetwork (OPN) is Oracle's partner program that provides partners with a differentiated advantage to develop, sell and implement Oracle solutions. OPN offers resources to train and support specialized knowledge of Oracle's products and solutions and has evolved to recognize Oracle's growing product portfolio, partner base and business opportunity. Key to the latest enhancements to OPN is the ability for partners to be recognized and rewarded for their investment in Oracle Cloud. Partners engaging with Oracle will be able to differentiate their Oracle Cloud expertise and success with customers through the OPN Cloud program – an innovative program that complements existing OPN program levels with tiers of recognition and progressive benefits for partners working with Oracle Cloud. To find out more visit: http://www.oracle.com/partners.
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