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 is supposedly designed to boost traceability and transparency throughout the supply chains.
Oracle which is an American software company was established back in year 1977, and is presently a major vendors within the software business market. With the total revenues of $39.8 Bln in 2018, the company holds its position at the second number for the largest software development company, as per the Global 2000-2018 Forbes list.
The new product referred to as Oracle Blockchain Applications Cloud includes four apps: Intelligent Track and Trace, lot Lineage and provenance, Intelligent Cold Chain, and assurance and Usage tracking.
Like several blockchain-based supply chain management tools, Oracle Blockchain Applications claim to modify customers to trace product through supply chains, increase transparency, accelerate product delivery, and improve client satisfaction. The product reportedly permits users to trace the credibility of product elements and temperature-control, along with minimising paper wastes.
Initially, Oracle revealed its plans to launch a platform-as-a-service product and localized ledger-based applications earlier in May. At that point, the company had already been operating with the govt of Nigeria, that is reportedly seeking to use blockchain technology for documenting customs and import duties.
The general release of the Oracle Blockchain Cloud Service was confirmed by [Oracle] earlier in the month of July. The product focuses on transaction expertise and supply chain authentication, employing Hyperledger Fabric as its basis. The launch followed a series of trials with banking, business and govt clients.