As indicated by an announcement released Oct 23th, Oracle Corp, a software development company has released a suite of blockchain based software- as- a- service (SaaS) application based on its oracle blockchain cloud service. The new product is supposedly designed to enhance traceability and straightforwardness throughout supply chains.
Oracle is an American Corporation, established in 1977 and currently is one of the biggest sellers in the software market business. This year, they’ve had an accumulated revenue of $39.8 billion. According to a 2018 Forbes list, Oracle is the second biggest software development company.
The new product is called Oracle Blockchain Applications cloud and it incorporates for apps: Intelligent Track and Trace, Lot Lineage and Provenance, Intelligent Cold Chain, and Warranty and Usage Tracking.
Oracle Blockchain applications claim to be able to allow clients to track products through the supply chain, more transparency, speed up product delivery and enhance customer service. The product allegedly permits operators to track the realness of the product component and temperature control and also reduce waste paper.
At first, Oracle declared its intention to launch a platform as a service product and decentralize ledger based applications in may. The Nigerian government has already been working with Oracle and they are trying to use the technology for documenting customs and import duties.
The general release of the Oracle Blockchain Cloud service was confirmed by Oracle in July. The product concentrates on transactions effectiveness and supply chain authentication using Hyperledger fabrics as its basis. The launch followed a series of trials with banking, business and government customers.