Oracle has decided to create a new solution to support their business networks, making it easier for customers to trust in the work that they do. This solution is the Oracle Blockchain Applications Cloud, and it offers a wide range of use-case-specific SaaS applications, which are all meant to improve transparency in the supply chain.
Every application is created with the Cloud, and they will easily integrate with the other components of Oracle – Oracle Supply Chain Management (SCM) Cloud, Oracle Enterprise Resource Management (ERP) Cloud and other Oracle Cloud Applications.
The traditional and modern supply chains in the industry have thousands of transactions and millions of bits of data that need to be validated. All of this work to verify each part of the supply chain can slow down the pace of business and could leave them open to risks. According to a report from PR Newswire,
“Oracle Blockchain Applications enable 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.”
Alpha Acid Brewing, which is located in California, has to deal with issues in the blockchain, but the use of blockchain improves the process. Kyle Bozicevic, owner and brewer, said,
“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.”
With these applications, there are fewer barriers as the industries around the world work to adopt blockchain technology. They offer benefits to consumers by increasing the transparency in the supply chain networks for businesses. Right now, the Oracle Blockchain Applications include:
- Intelligent Track and Trace
- This application helps with the traceability of transactions and goods, from one side to the other, which reduces the delays in the process. There’s a “digital trail” that connects each step along the way, which makes it easier to resolve disputes, defend against fraud, and solve many other issues that can arise as items are shipped.
- Lot Lineage and Provenance
- This application shows the serialization and product genealogy of products by keeping track of serial numbers as they migrate through the shipping processes, helping with regulatory compliance, targeted recalls, and the potential for fraud.
- Intelligent Cold Chain
- This application tracks items in the supply chain that require temperature control, while providing advice on the best ways to make sure these products stay fresh and safe.
- Warranty and Usage Tracking
- This application eliminates the need to maintain a paper trail of warranties and provide a log for liability claims. It also helps insurance companies to improve the speed of insurance payouts and claim processing
As stated above, all of these applications are included within the Oracle Blockchain Cloud Service, which only was established at the beginning of 2018.
By offering their services to organizations, they can improve security and efficacy of transactions between partners. Multiple organizations around the world have already decided to use their applications,
“including transportation, supply chain and logistics, energy, retail and ecommerce, financial services, telecommunications, and public sector.”
Chief Commercial Officer of CargoSmart, Lionel Louie, explained his company’s reasons for using Oracle’s repertoire of services. He 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.”
Oracle’s Rick Jewell, the senior vice president of supply chain & manufacturing cloud applications, 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. 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.”