On October 23rd, the renowned software development company, Oracle Corp., announced the release of a suite of blockchain-based applications. In the statement, the company noted that its team developed the applications through its enterprise system, Oracle Blockchain Cloud Service.
It further noted that the aim of building the product, Oracle Blockchain Application Cloud, was to boost transparency and traceability in supply chains. Indeed, The software giant is not new to the industry as it was founded back in 1977, making it the most established vendor in the global software market.
According to the Forbes Global 2000 list, the corporation has a revenue standing at about $40B USD, making it the second-largest software development company in the world.
What Will the New Product Offer?
The company disclosed that its Blockchain Application Cloud comprises of four apps. These apps include Warranty and Usage Tracking, Intelligent Track and Trace, Lot Lineage and Provenance, and Intelligent Cold Chain.
With the Cloud product, users can be sure of fast product delivery and improved user satisfaction. To be sure, there is no better way of ascertaining product authenticity than using Oracle Blockchain Application Cloud, if the statement from Oracle Corps is anything to go by.
About the Launch
Before the blockchain Cloud, which is Software-as-a-Service (SaaS), launched, Oracle Corp had planned to develop a Platform-as-a-Service (PaaS) product. However, the company settled for SaaS.
The software giant had been working with Nigerian government towards seeking ways to use blockchain technology for documenting import duties in the West African country. Upon concluding all the arrangements to release a PaaS product in May 2018, there was an ultimate change of plan. For reasons of usability, this change led to a resolve to go for a SaaS product. Sources say that the series of trials which involve banking, government, and business clients necessitated the change.
About Oracle Blockchain Application Cloud
Oracle Corps noted that the company will focus on authenticating companies’ supply chains and transaction efficiency by leveraging the capabilities of Hyperledger Fabric. Although the product has four major components, they play different roles.
Rick Jewell, the company’s Senior Vice President of Supply Chain and Manufacturing Cloud Apps, gives insight into the product. Jewell stated that the Cloud works seamlessly with existing Oracle cloud apps. The SVP noted that the company’s team developed the blockchain-based SaaS applications as business network templates for enhancing business processes.
Undeniably, Oracle Corp has become part of the SaaS future ever since it launched. Consequently, its products have attracted global attention as many companies around the world use it to improve their business processes.
This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Join our Telegram Group To Stay Up To Date With Crypto News