Software development company Oracle Corp. has issued a suite of blockchain-based SaaS (software-as-a-service) applications based on its Oracle Blockchain Cloud Service, according to a survey published Oct. 23. The new product is purportedly designed to change traceability and transparency during supply chains.
Oracle is an American corporation established in 1977, and currently is one of the largest vendors in the business software market. With total revenues of $39.8 billion in 2018, Oracle is the second largest software development company according to the Global 2000 2018 Forbes list.
The new product called Oracle Blockchain Applications Cloud involves four apps: Intelligent Track & Trace, Lot Lineage & Provenance, Intelligent Cold Chain also, Warranty and Usage Tracking.
Like many blockchain-based supply chain management tools, Oracle Blockchain Applications command to allow customers to trace products through supply chains, increase transparency, quicken product delivery, and improve customer satisfaction. The product reportedly will allow users to monitor the authenticity of product components & temperature-control, as well as decrease paper waste.
Initially, Oracle announced its plans to begin a platform-as-a-service (PaaS) product and decentralized ledger-based attention in May. At that time, Oracle had already been sweating with the government of Nigeria, which is reportedly attempting to use blockchain technology for documenting customs and import tariffs.
Oracle endorsed the general announcement of the Oracle Blockchain Cloud Service in July. The product concentrates on transaction efficiency and stores chain authentication, using Hyperledger Fabric as its base. The launch served a series of trials with banking, the business also, government clients.