How I solved the problem:
I couldn't even uninstall Java from my machine since I get the same error 1723. Couldn't install a newer version either, same error. Tried many solutions listed online but couldn't get rid of error 1723.
Then finally I went to this official Microsoft site:http://support.microsoft.com/mats/Program_Install_and_Uninstall
1) It asks what kind of problem I am having, I selected "uninstall."
2) Then select "Detect problems and let me choose" (option 2)
3) From the list of applications, select Java.
4) Let the program do the work of uninstalling Java. It should say fix was successful on the final screen.
5) Then download the newest Java version and install.