Oracle unveil Blockchain for Supply Chain
November 1, 2018
Oracle has launched a blockchain cloud for applications to improve transparency and traceability throughout the supply chain. The new Oracle Blockchain Applications Cloud seamlessly connects Oracle's Supply Chain Management (SCM) and Enterprise Resource Management (ERP) cloud services.
The new cloud service is designed to address supply chains that generate millions of data points and thousands of daily transactions. The need to validate and confirm each of these data points and transactions can limit the pace of business and expose organisations to risk. Oracle Blockchain Applications is designed to enable customers to track products through the supply chain on a distributed ledger to increase trust in business transactions, get better visibility across a multi-tier supply chain, accelerate product delivery and contract execution, and improve customer satisfaction.
"Consumers are better informed than ever before and are increasingly interested in what is in the products they consume," said Kyle Bozicevic, owner and brewer at Alpha Acid Brewing in Belmont, California. "We can now track materials and premium ingredients from our suppliers and analyse sensor data from the production process for each batch. Oracle Intelligent Track and Trace blockchain application helps ensure that we are getting the highest quality hops, malt, and yeast, and enables us to create a strong narrative around our products for customers."
Oracle Blockchain Applications are designed to allow end-to-end traceability of goods and transactions in supply chains to reduce delays and automate record keeping. The application creates a digital trail of each step in the business network, during procurement, manufacturing, and transportation. It provides better visibility for easier root-cause analysis and faster dispute resolution. This is designed to help customers execute targeted product recalls, resolve disputes, reduce counterfeits, improve regulatory compliance, and protect against fraud.
The new cloud service also assists with lot lineage and provenance, providing product genealogy, serialisation, and provenance by managing the life-cycle of hierarchical serial numbers, recording origin and authenticity of product components, and tracking all transformations of the product. It helps in regulatory compliance, targeted recalls, and preventing counterfeit components.
It also enables intelligent cold chains, helping monitor and track the temperature-controlled supply chain, creating recommendations to optimise processes and ensure the quality and safety of refrigerated products in pharmaceutical and food and beverage industries.
The service also helps remove paper-based processes and automates usage tracking for high-value assets. An auditable and verifiable log for warranty, liability claims, and insurance helps expedite settlements and claim processing and prevents abuse of assets.
"We are using Oracle Blockchain as our digital platform for shipment documentation, which helps us easily track and trace shipping transactions," said Lionel Louie, chief commercial officer, CargoSmart. "Our goal is to help bring more trust and transparency into the industry. In fact, we expect a 65 percent reduction in the amount of time required to collect, consolidate, and confirm data from multiple parties. We also hope to streamline data from different documents by leveraging Oracle Intelligent Track and Trace."
Oracle Blockchain Applications also leverage Internet of Things (IoT) connectivity and use embedded artificial intelligence (AI) features to leverage real time data to improve the accuracy of data flowing in a customer's business network. Oracle develops emerging technologies in unison to provide intelligent recommendations and better user experiences across the SaaS applications for supply chain, finance, human resources and customer experience.
"Many technology companies are offering a blockchain platform for customers to build on, but we wanted to go one step further. We use our domain expertise to create business, user-friendly, domain-specific solutions so customers can get immediate value from blockchain technologies by transforming existing business processes," said Rick Jewell, Senior Vice President, Supply Chain & Manufacturing Cloud Applications, Oracle. "Oracle Blockchain Applications make it easy for customers to create a trusted network of partners to improve the agility, accuracy, and visibility of their supply chain. These blockchain applications work seamlessly with existing Oracle Cloud Applications and are out-of-the-box ready with pre-built integrations and business network templates for common business processes."