In line with a recent announcement published by Software Giant company ‘Oracle Corporation,’ it has revealed a suite of blockchain-based software-as-a-service [SaaS] applications supporting its Blockchain Cloud Service. The new product issupposedlydesignedto boosttraceability and transparency throughoutthe supplychains.
Oracle which is an American software company was established back in year 1977, and is presentlya majorvendorswithin the softwarebusiness market. With the total revenues of $39.8 Bln in 2018, the companyholds its position at thesecond number for the largestsoftwaredevelopment company, asperthe Global2000-2018 Forbes list.
The new productreferred to asOracle Blockchain Applications Cloud includes four apps: Intelligent Track and Trace,lotLineage andprovenance, Intelligent Cold Chain, andassuranceand Usagetracking.
Likeseveralblockchain-basedsupplychain management tools, Oracle Blockchain Applications claim tomodify customersto traceproductthroughsupplychains, increase transparency, accelerate product delivery, and improveclientsatisfaction.The productreportedlypermitsusersto tracethecredibilityof productelementsand temperature-control,along with minimising paper wastes.
Initially, Oraclerevealedits plans to launch a platform-as-a-service product andlocalizedledger-based applications earlier inMay. Atthat point, the company had already beenoperatingwiththe govtofNigeria,thatis reportedly seeking to use blockchain technology for documenting customs and import duties.
The generalreleaseof the Oracle Blockchain Cloud Service was confirmed by [Oracle] earlier in the month ofJuly.The productfocuses ontransactionexpertiseand supplychain authentication, employing HyperledgerFabric as its basis. The launch followed a series of trials with banking, business and govtclients.