Oracle Unveils Blockchain-Based Software Apps for Supply Chain Control
Software giant Oracle Corp. has introduced a bunch of blockchain-based software-as-a-service (SaaS) applications based on its Oracle Blockchain Cloud Service. The new product is supposedly designed to enhance tracking and transparency in entire supply chains.
Oracle, an American enterprise established in 1977, is presently one of the largest vendors in the commerical software market. With total revenues of $39.8 billion in 2018, according to the Global 2000 2018 Forbes list, Oracle stands second among the software development firms across the world.
The latest software package named Oracle Blockchain Applications Cloud consists of four apps: Intelligent Track and Trace, Lot Lineage and Provenance, Intelligent Cold Chain, and Warranty and Usage Tracking.
Like many blockchain-based supply chain management tools, Oracle Blockchain Applications say that clients can track their goods across supply chains, increase visibility, accelerate product distribution, and enhance customer contentment. The software is designed to enable users to track the genuineness of product components and temperature control and decrease paper waste.
In May, Oracle actually announced plans to develop a platform-as-a-service product and decentralized ledger-based applications. At that time, Oracle had a working partnership with the government of Nigeria, which is supposedly looking for the implementation of blockchain technology for recording customs and import duties.
In July, the company announced the formal release of the Oracle Blockchain Cloud Service. The product centers on transaction competence and supply chain validation, using Hyperledger Fabric as its basis. The product launch follows a series of trials with banking, business and government clients.