On Tuesday, software development company Oracle announced it’s intention to launch a number of Software as a Service (SaaS) based applications that encompass blockchain technology.
In a statement published to it’s website, the company clarified that the suite of products would be known as the Oracle Blockchain Applications Cloud. The applications integrate seamlessly with existing Oracle services such as Oracle Supply Chain Management (SCM) Cloud, Oracle Enterprise Resource Management (ERP) Cloud and other Oracle Cloud applications.
The company stated that the move towards the blockchain based applications was to increase trust and provide agility in transactions across their business networks. Today’s supply chains produce a myriad of data points resulting in thousands of daily transactions that need to be validated and confirmed.
Whilst a wealth of such data presents opportunities, it can also be incredibly burdensome to manage and in a scenario where data isn’t properly validated, it exposes organizations to risk. It’s from this perspective that Oracle have identified the potential for distributed ledger and blockchain based applications. A fundamental aspect of blockchain is trustlessness. Data can be validated and recorded in a manner in which it’s transparent and can’t be tampered with.
In it’s press release, Oracle provided feedback on the use of their new blockchain based applications from customer Kyle Bozicevic – owner and brewer at Alpha Acid Brewing, Belmont, California:
“Consumers are better informed than ever before and are increasingly interested in what is in the products they consume. We can now track materials and premium ingredients from our suppliers and analyze sensor data from the production process for each batch. Oracle Intelligent Track and Trace blockchain application helps ensure that we are getting the highest quality hops, malt and yeast, and enables us to create a strong narrative around our products for customers.”
Through the development of these applications, the company claim to have made the adoption and use of blockchain technology possible for their customers. This means bringing more trust and transparency into business networks and supply chains.
The applications incorporate intelligent track and trace which enables end to end traceability of goods and transactions in the supply chain. In turn, this reduces delays and automates record keeping. A digital trail is created at each point in the business process – from procurement to manufacturing and right through to transportation. This increased visibility facilitates easier root-cause analysis and expedited dispute resolution processes. It enables customers to reduce the potential for fraud, execute targeted product recalls and improve regulatory compliance.
Lot Lineage and Provenance is a functional element incorporated within the suite of applications which enables the recording of the origin and authenticity of product components. By implication, prevents the potential for the counterfeiting of components.
Intelligent Cold Chain is a feature to benefit the pharmaceutical and food and beverage industries. It helps monitor and track the temperature-controlled supply chain, thus ensuring the quality and safety of refrigerated products.
Their Warranty and Usage Tracking feature does away with paper-based processes and automates usage tracking for high-value assets.
Oracle claims that they are seeing an ever-increasing demand for their blockchain based technologies. Companies already using Oracle Blockchain Cloud Service include Arab Jordan Investment Bank, CargoSmart, Indian Oil, Intelipost, Neurosoft, Nigeria Customs, Softbang, Solar Site Design and TradeFin.
The company also revealed that their blockchain based applications are leveraging the Internet of Things (IoT) and embedded artificial intelligence (AI) features in order to capture, record and utilize real time data.
Senior Vice President of Supply Chain & Manufacturing Cloud Applications at Oracle – Rick Jewell – commented on the development:
“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.”
Oracle is one of the world’s largest business software vendors and the second largest company in terms of software development.