Oracle Blockchain Cloud Service Now Available to NetSuite Customers and Partners

The week in San Francisco Oracle NetSuite announced the availability of the Oracle Blockchain Cloud Service for its customers and partners.

This is enabled by API exposure through NetSuite's SuiteCloud Platform and supported through the SuiteCloud Developer Network (SDN).

With this new announcement, NetSuite's more than 40,000 global organizations, divisions and subsidiaries, and its partners benefit from the innovation in distributed ledger applications being developed on Oracle Blockchain Cloud Service by Oracle's partner ecosystem.

In recent postings, SCMR has noted that groups like the Trusted IoT Alliance is trying to bring companies together to develop and set the standard for an open source blockchain protocol to support IoT technology in major industries worldwide.

But while transportation organizations recognize the potential of IoT to make them more efficient and profitable, new research from Inmarsat, the global mobile satellite communications provider, has revealed that many lack the skills and data-sharing processes to fully exploit the technology. Analysts told SMCR that unless these shortfalls are addressed, transportation businesses may be limiting the scope of their transformations.

Oracle Blockchain Cloud Service is designed to increase business velocity, lower costs, and reduce risk by enabling businesses to securely extend and automate their supply chain processes, reliably conduct online transactions in trusted networks, and confidentially share data in real time with their suppliers, banks, and other trade counterparties, while providing secure audit trails of tamper-resistant business records.

According to spokesmen, Oracle is working with supply chain and financial services industry customers and partners to develop next generation services to be deployed on Oracle Blockchain Cloud Service to provide faster payments, and create more efficient invoice factoring, provenance tracking, lending, onboarding, treasury & liquidity services, improved cash management services, transaction banking services and more.

NetSuite customers and partners who choose to leverage Oracle Blockchain Cloud Service are able to integrate with and consume a wide ecosystem of solutions developed by Oracle partners specifically tailored to support businesses of any size. In addition, NetSuite SDN partners are able to create blockchain applications to meet the needs of NetSuite customers.

The integration and availability of the Oracle Blockchain Cloud Service API through the SuiteCloud platform enables easy integration and fast on-boarding to blockchain services and future business networks for NetSuite's huge global user base. This integration creates one of the largest business communities to benefit from innovative next generation applications enabled through Oracle's cloud and distributed ledger technology and offered by Oracle's vast partner ecosystem.

The Oracle Blockchain Cloud Service initiative is further evidence of the increased investment in new technologies that Oracle brings to the NetSuite user base.

“NetSuite is excited about Oracle Blockchain Cloud Service, and the value it could bring to our 40K+ global organizations,” said Evan Goldberg, EVP of Development at NetSuite. “We look forward to integrating access through our SuiteCloud Platform, to enable customers to easily consume blockchain-enabled financial and supply chain SuiteApps and services. With this announcement, we will empower our developer ecosystem to connect, create, and innovate in the global blockchain economy. This is a tangible benefit of being a part of Oracle family and leveraging Oracle's investment in advanced cloud services.”

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