Oracle has made another important move after the launch of its Blockchain Cloud Service. The company today unveiled Oracle Blockchain Applications Cloud—the new suite of use-case-specific SaaS applications. According to Oracle, it will enhance traceability and transparency throughout the value chain.
“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 are built with Oracle Blockchain Cloud Service. They seamlessly connect with Oracle Supply Chain Management (SCM) Cloud, Oracle Enterprise Resource Management (ERP) Cloud and other Oracle Cloud Applications. 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 claims that Blockchain applications enable customers to track products through the supply chain on a distributed ledger to increase trust in business transactions. This will help them get better visibility across a multi-tier supply chain, accelerate product delivery, and contract execution, and improve customer satisfaction.
“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,” said Rick Jewell, Senior Vice President, Supply Chain & Manufacturing Cloud Applications, Oracle.
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.
- 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.