Oracle Releases Suite Of Blockchain Apps For Supply Industry
American corporation Oracle rolled out a new blockchain-based software for business. The software suite consists of four applications, where each is designed to track and control supply chains, according to the press release.
Blockchain applications are built on the company's cloud services. The developers claim that the new software for the supply industry enables to monitor product value chains, improve transparency and speed up the delivery of goods. In addition, by employing Oracle software, suppliers and recipients will be able to check the components and origin of goods, which allows to detect a counterfeit.
One of the new applications sets the temperature control for proper storage of refrigerated foods and medical production. The company ensures that switching to the blockchain will reduce paperwork and prevent abuse of funds.
According to Kyle Bozicevic, the owner of craft brewery Alpha Acid Brewing, California, his company now will be able to track the materials and ingredients from suppliers, choosing the best option for their manufacturing. The blockchain will also allow to analyze sensor data from each specific batch, the businessman added.
CargoSmart, a cargo shipping company, expects this business solution to save up to 65% of time. Reportedly, blockchain will speed up collection, processing and confirmation of data from all supply chain participants.
Oracle revealed its plans to release the decentralized business platform in May 2018. At that time, the company collaborated with Nigerian authorities, helping the country to find a blockchain solution for import and customs documentation.
Previously, Samsung announced the launch of a blockchain tracker for marine shipments.