Oracle Unveils DLT Cloud Services For Supply Chain Management
Oracle, the U.S.-based software multinational is expanding its cloud services by releasing a suite of blockchain-based software-as-a-service (SaaS) applications. According to the official announcement on October 23, all these applications will be based on Oracle Blockchain Cloud Service.
The new product is named as Oracle Blockchain Applications Cloud which includes four apps: Lot Lineage and Provenance, Intelligent Track and Trace, Intelligent Cold Chain, and Warranty and Usage Tracking.
All these blockchain applications are specifically targeted at overcoming the existing issues of traceability and transparency within the supply-chain industry. The Oracle Blockchain Applications are like many other supply chain management tools which allow customers “to track products through the supply chain on a distributed ledger to increase trust in business transactions, get better visibility across a multi-tier supply chain, accelerate product delivery and contract execution, and improve customer satisfaction.”
These business-ready applications by Oracle also reduces barriers of blockchain adoption. Furthermore, they provide immediate benefit to its customers in the form of enhanced trust and transparency within the supply chain network.
The Oracle Blockchain Applications feature embedded artificial intelligence (AI) features and leverage Internet of Things (IoT) connectivity to track real-time data and further improve the accuracy of data flow within the business network.
Oracle’s Blockchain Cloud Service was launched earlier this year and has received a tremendous traction so far. The service has been chosen by a huge number of global businesses across different disciplines and verticals.
Some of the popular customers of Oracle using its Oracle Blockchain Cloud Service include SERES, Certified Origins, Arab Jordan Investment Bank, CargoSmart, Neurosoft, Nigeria Customs, Sofbang, Indian Oil, Intelipost, MTO, and TradeFin.
Rick Jewell, Senior Vice President, Supply Chain & Manufacturing Cloud Applications, Oracle, said: “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”.
He further 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.”