Oracle has launched Oracle Blockchain Applications Cloud to help increase customer-trust and provide agility in transactions across their business networks. The new suite of use-case-specific SaaS applications enhance traceability and transparency throughout the supply chain.
Oracle Blockchain Applications are built with Oracle Blockchain Cloud Service which was launched earlier this year, and connect with Oracle Supply Chain Management (SCM) Cloud, Oracle Enterprise Resource Management (ERP) Cloud and other Oracle Cloud Applications.
Modern supply chains generate millions of data points and thousands of daily transactions that need to be validated and confirmed which limits the pace of business and exposes organizations to risk.
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.
“Consumers are better informed than ever before and are increasingly interested in what is in the products they consume,” said Kyle Bozicevic, owner and brewer at Alpha Acid Brewing in Belmont, California. “We can now track materials and premium ingredients from our suppliers and analyze sensor data from the production process for each batch.”
Oracle’s business-ready blockchain applications reduce barriers to adoption of blockchain and provide immediate business benefits to customers by improving trust and transparency in their business network and transforming their supply chains. 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’s blockchain platform has experienced tremendous momentum and has been adopted by many global organizations spanning a wide range of industries and verticals including transportation, supply chain and logistics, energy, retail and ecommerce, financial services, telecommunications, and public sector.
“We are using Oracle Blockchain as our digital platform for shipment documentation, which helps us easily track and trace shipping transactions,” said Lionel Louie, chief commercial officer, CargoSmart. “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 Blockchain Applications also leverage 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. Oracle develops emerging technologies in unison to provide intelligent recommendations and better user experiences across the SaaS applications for supply chain, finance, human resources and customer experience.
“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. “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.”