Oracle has announced its Oracle Blockchain Applications on Oracle Cloud Platform

Oracle has announced its Oracle Blockchain Applications on Oracle Cloud Platform. Oracle Blockchain Applications enhance traceability and transparency throughout the value chain.

The Blockchain platform

This new Software as a Service, Oracle Blockchain Applications is targetted towards supply chain segment where modern application generates millions of data points and thousands of daily transactions. Validation and confirmation of these transactions is a key aspect of modern supply chain applications. Any kind of ignorance can pose risk to the organizations. Also looking at each and every transaction is rather a cumbersome job and slows down the overall business.

Blockchain software or concept comes with the distributed ledger and has inherent characteristics such as immutability of transactions and contracts, better visibility, security and availability of data. All these characteristics of blockchain can very well be leveraged by supply chain applications. Oracle is trying to leverage blockchain for supply chain use cases and provide an opportunity to the customer 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.

Senior Vice President, Supply Chain & Manufacturing Cloud Applications, Oracle, Rick Jewell 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 processesOracle 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.”

Oracle Blockchain Applications are built with Oracle Blockchain Cloud Service and also seamlessly connect with Oracle Supply Chain Management (SCM) Cloud, Oracle Enterprise Resource Management (ERP) Cloud and other Oracle Cloud Applications. They enable customers to accelerate blockchain adoption with immediate business benefits.

Benefits of Oracle Blockchain Applications

According to the announcement, Oracle Blockchain 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.

Oracle Blockchain Growth

All Oracle Blockchain Applications are built on top of Oracle Blockchain Cloud Service and adopted by organizations in transportation, supply chain, and logistics, energy, retail and e-commerce, financial services, telecommunications, and public sector. To give an example, according to the announcement, Oracle 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. Oracle Blockchain Applications also integrates well with the Internet of Things (IoT) connectivity and use embedded artificial intelligence (AI) features to leverage real-time data to improve the accuracy of data flowing in a customer’s business network.

Customer Views

Chief commercial officer, CargoSmart, Lionel Louie, said, “We are using Oracle Blockchain as our digital platform for shipment documentation, which helps us easily track and trace shipping transactions. Our goal is to help bring more trust and transparency into the industry. In fact, we expect a 65 percent reduction in the amount of time required to collect, consolidate, and confirm data from multiple parties. We also hope to streamline data from different documents by leveraging Oracle Intelligent Track and Trace.”