Oracle announced the launch of its Blockchain Applications Cloud suite on 23 October, offering customers greater supply chain traceability and transparency
The suite will enable firms to analyse their supply chains with increased accuracy and incisiveness, with blockchain’s verifiable trust factor ensuring the data provided is accurate and traceable.
“Modern supply chains generate millions of data points and thousands of daily transactions that need to be validated and confirmed,” Oracle noted in its press statement.
As investors, customers, and clients are increasingly conscious of responsible supply chain operations, this mass of data represents considerable risk to companies who lack the insight to maximise ethics and sustainability in their supply chains.
“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,” Oracle said.
The firm aims to “reduce barriers to adoption of blockchain” by ensuring that its applications are business-ready and integrable with legacy systems, allowing companies to access the benefits of DLT with greater immediacy and minimised disruption.
Rick Jewell, Senior Vice President of Supply Chain and Manufacturing Cloud Applications at Oracle, said:
“Many technology companies are offering a blockchain platform for customers to build on, but we wanted to go one step further.”
“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.”