Oracle Unveils Business-Ready Blockchain Applications

As Oracle OpenWorld is convened in San Francisco this week, supply chain managers were informed that Oracle Blockchain Applications Cloud has been launched.

According to spokesmen, this suite of use-case-specific SaaS applications was designed to enhance traceability and transparency throughout the supply chain.

Oracle Blockchain Applications are built with Oracle Blockchain Cloud Service and seamlessly 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.

Spokesmen said that Oracle Blockchain Applications may enable managers 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 shipper 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 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.”

Learn more about Alpha Acid Brewing's use of Oracle Intelligent Track and Trace blockchain application in this video:

The company said that Oracle's business-ready blockchain applications may reduce barriers to adoption of blockchain and provide immediate business benefits to managers by improving trust and transparency in their business network and transforming their supply chains.

Oracle Blockchain Applications include:

• Intelligent Track and Trace – Designed to enable end-to-end traceability of goods and transactions in supply chains to reduce delays and automate record keeping. The application is meant to create a digital trail of each step in the business network, during procurement, manufacturing, and transportation. It may also provide better visibility for easier root-cause analysis and faster dispute resolution. The application is designed to perform “root-cause” analysis to help managers execute targeted product recalls, resolve disputes, reduce counterfeits, improve regulatory compliance, and protect against fraud.
• Lot Lineage and Provenance – The may enable 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 may also help 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.

These applications are built with Oracle Blockchain Cloud Service, which was launched earlier this year. It helps organizations build blockchain networks to drive more secure and efficient transactions with their trading partners.

Oracle's blockchain platform has experienced what the company describes as “momentum” and has already 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.

A few of the many organizations already using Oracle Blockchain Cloud Service include Arab Jordan Investment Bank, CargoSmart, SERES, Certified Origins, Indian Oil, Intelipost, MTO, Neurosoft, Nigeria Customs, Sofbang, Solar Site Design, and TradeFin.

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