Oracle Rolls Out Blockchain Apps To Manage Supply
Software manufacturer, Oracle is taking the lead in introducing blockchain products to the market.
Oracle Launches Blockchain Apps Suite
Software firm Oracle Corp has unveiled a SaaS with blockchain applications. The applications are backed by Oracle’s Blockchain Cloud Service. According to Oracle, the products will be applicable in the supply chain where they will enhance transparency.
Oracle has been operational for over 30 years and has made a name for itself in the software world. Currently, the firm's yearly revenue stands at $40 billion. According to Forbes, Oracle is the second largest company in software development. Oracle’s blockchain system contains four applications that vary from one another.
Once rolled out, the system will be used to hasten delivery and boost customer experience. Users will be in a position to monitor their goods in a secure manner while eliminating paperwork.
Earlier on, Oracle had plans to develop a service product backed by the blockchain. Under the project, Oracle had partnered by the Nigerian government. The West African country is exploring blockchain technology to manage the import and export sector.
Oracle had planned to release the project five months ago before canning the approach. The firm resorted to creating the applications based on proprietary software back in July. After the creation, the firm embarked on trials after partnering with various governments and institutions.
The latest products are aimed at boosting transaction efficiency and verifying supply chains by companies through the Hyperledger Fabric basis. The four applications were made public during a conference organized by Oracle this week.
According to Oracle VP, Rick Jewell, the application will work alongside the Oracle Cloud Applications. Every single application has different role players in the system
Another official from Oracle, Atul Mahumuni stated that customers will no longer struggle with things like smart contracts and cryptography. He stated that the new product will gather all insights and assist clients putting them in contact with blockchain technology.
Already, a number of Oracle products are making headlines in the business sector. Some of the application have been deployed to streamline procedural systems. For example, a California based beer maker, Alpha Acid, has deployed Oracle’s Intelligence Track to trace the beer making process in addition to the supply chain.
The industry has been inundated with reports about a possible partnership between Oracle and Tron. However, the two firms have remained silent regarding the rumors.