At Oracle OpenWorld today, Oracle announced Oracle Blockchain Applications Cloud, a suite of use-case-specific SaaS applications that hope to address traceability and transparency throughout the supply chain.
“Today’s supply chain still face a variety of challenges as they do business with partners across the multitier supply chain,” Bhagat Nainani, general vice president of IoT Applications at Oracle told EBNonline. “We talk to large OEMs and moat don’t have visibility beyond the first tier of suppliers and 57% of best in class don’t have visibility below one level. With shared distributed ledgers, you can track the financial flow, the flow of goods, and transactions across multiple tiers.”
The new offerings, which are designed to help customers launch blockchain quickly, connect with Oracle’s supply chain management and enterprise resource management offerings. “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 and 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.”
By tracking products through the supply chain and validating and confirming all transactions, electronics OEMs can mitigate risk while increasing efficiency. Blockchain leverages a distributed ledger to increase trust in business transactions across the supply chain, increase visibility, and hasten product delivery and contract execution.
Oracle is launching four new blockchain applications:
- Intelligent Track and Trace: Provides end-to-end traceability of goods and transactions in the supply chain for automated record keeping. The app creates a digital trail of each step in the business network, during procurement, manufacturing, and transportation, to allow organziations to do root cause analysis when problems arrive and resolve supply chain disputes.
- Lot Lineage and Provenance: Enables product genealogy, serialization, and provenance by managing the lifecycle of hierarchical serial numbers, recording origin and authenticity of product components, and tracking all transformations of the product. This app addresses the need for regulatory compliance, targeted recalls, and counterfeit components prevention.
- Warranty and Usage Tracking: Replaces paper-based processes with automation for usage tracking of high-value assets. The app creates an auditable and verifiable log for warranty, liability claims, and insurance to expedite claimes and settlements.
- Intelligent Cold Chain: Helps monitor and track the temperature-controlled supply chain.
These applications are built with Oracle Blockchain Cloud Service, launched earlier this year. Customers are allowed to on-board 50 partners without charge, a move that will help propagate the technology and raise awareness about the benefits of blockchain, Nainani said. “To be successful, you need to onboard your partners, he added. “By providing that starter kit, we sell it to one party who is interested and their partners are already entitled to be onboarded without separately acquiring it. By doing that, we are signfigantly simplifying the selling cycle.”
— Hailey Lynne McKeefry, Editor in Chief, EBN