Oracle introduces supply chain tracking blockchain solution
Enterprise software company Oracle has introduced Oracle Intelligent Track and Trace, a blockchain application aimed at helping businesses to enhance security, improve supply chain traceability, and achieve streamlined consensus.
The cloud-based application is pre-built on the Oracle blockchain platform and can be integrated with enterprise applications such as supply chain management, enterprise resource planning, customer experience platforms and the Internet of things.
In July 2018, Oracle launched its blockchain-as-a-service solution, Oracle Autonomous Blockchain Cloud Service, aimed at providing organisations with a development platform to build their own networks, and integrate with Oracle software-as-a-service and with third-party applications.
The company says the next step was to make it easy for businesses to implement and further transform their processes using pre-built blockchain applications.
Available globally from today, the Oracle Intelligent Track and Trace platform is the first of four pre-built blockchain applications the company has developed.
It provides cross-sector organisations with end-to-end visibility into multi-enterprise supply chain networks, enabling asset owners to track and trace things of value to achieve faster results and establish trust between participating trading partners.
It also allows organisations to extract transactions from multiple sources and provides a real-time view of business transactions, using fine-grained access control to provide insights, and analytics based on a trading partner’s privileges on a network, according to the software company.
“The application helps to address the challenges of managing complexities in a global network of trading partners,” says Michael Richter, director of product marketing, emerging technologies.
“You don't need to be a developer to use the Oracle Intelligent Track and Trace application because it's a pre-built application that is ready-to-deploy out of the box. Powered by blockchain technology, the application helps to gain efficiencies for supply chain management by pinpointing where transactions and goods are across the supply chain and trading partners.”
The application is sold independently and the Oracle Blockchain Platform is not required to purchase, notes Richter.
Oracle Intelligent Track and Trace can be applied to food and beverage, transportation and other industries to ensure things like organic certifications, manufacturing compliance and adherence to global trade regulations.
It has built-in simulators, which help in providing a view of the value realised before the systems are implemented, notes Oracle. Simulators are also used to help define business networks and their associated transactions, according to the company.
After introducing the Oracle Autonomous Blockchain Cloud Service locally last year, Oracle ran an educational drive to teach local organisations the fundamentals of blockchain adoption.
Speaking to ITWeb at the time, Craig Nel, mobile and cognitive experience leader at Oracle Middle East, Africa and Turkey, said while there has been a spike in blockchain interest locally “it's very clear that most local organisations are not sure about where blockchain can be integrated and how it would be used”.
“In response to the interest, Oracle has set up educational 'test drive' days to ensure local organisations understand what the capabilities of blockchain are, and how they can gain value and skills, before they adopt the technology,” noted Nel.