The IT giant Oracle has unveiled its business-ready blockchain applications which can help customers with better tracking of goods in a supply chain.
SaaS Applications from Oracle
Oracle, one of the largest IT companies, has announced the launch of its cloud-based blockchain applications. The details about the offering were published on the firm’s official website earlier on Tuesday.
The new applications were introduced during Oracle OpenWorld, the firm’s annual convention. The three-day conference was held in San Francisco from October 22-25.
According to the press release:
To help customers increase trust and provide agility in transactions across their business networks, Oracle has launched Oracle Blockchain Applications Cloud. The new suite of use-case-specific SaaS applications enhances traceability and transparency throughout the supply chain.
Benefits and Functionality
The applications help customers to track products through the supply chain on a blockchain. This reportedly improves the traceability and transparency through the value chain. The blockchain applications can be integrated with Oracle’s other cloud-based services.
According to the announcement the applications include:
Intelligent Track and Trace – Enables end-to-end traceability of goods and transactions in supply chains to reduce delays and automate record keeping. The application creates a digital trail of each step in the business network, during procurement, manufacturing, and transportation. It provides better visibility for easier root-cause analysis and faster dispute resolution. This helps customers execute targeted product recalls, resolve disputes, reduce counterfeits, improve regulatory compliance, and protect against fraud.
Lot Lineage and Provenance – Enables product genealogy, serialization, and provenance by managing the lifecycle of hierarchical serial numbers, recording origin and authenticity of product components, and tracking all transformations of the product. It helps in regulatory compliance, targeted recalls, and preventing counterfeit components.
Intelligent Cold Chain – Helps monitor and track the temperature-controlled supply chain, creating recommendations to optimize processes and ensure the quality and safety of refrigerated products in pharmaceutical and food and beverage industries.
Warranty and Usage Tracking – Removes paper-based processes and automates usage tracking for high-value assets. An auditable and verifiable log for warranty, liability claims, and insurance helps expedite settlements and claim processing and prevents abuse of assets.
List of Customers
The applications have been adopted across different sectors like transportation, supply chain and logistics, energy, retail and e-commerce, financial services, telecommunications, and public sector. Some of the customers who have already implemented the blockchain cloud-service include Arab Jordan Investment Bank, CargoSmart, SERES, Certified Origins, Indian Oil, Intelipost, MTO, Neurosoft, Nigeria Customs, Sofbang, Solar Site Design, and TradeFin.
“Many technology companies are offering a blockchain platform for customers to build on, but we wanted to go one step further. We use our domain expertise to create business, user-friendly, domain-specific solutions so customers can get immediate value from blockchain technologies by transforming existing business processes,” said Rick Jewell, Senior Vice President, Supply Chain & Manufacturing Cloud Applications, Oracle.
Jewell added:
Oracle Blockchain Applications make it easy for customers to create a trusted network of partners to improve the agility, accuracy, and visibility of their supply chain. These blockchain applications work seamlessly with existing Oracle Cloud Applications and are out-of-the-box ready with pre-built integrations and business network templates for common business processes.
Amidst the growing adoption of blockchain technology, the competition between IT companies is also intensifying. Oracle has gone one step ahead of its competition by not just providing a blockchain cloud service but business-ready applications.
Do you think Oracle will have an edge over competitors like Microsoft, IBM, Google, and Amazon? Let us know in the comments below.
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