Oracle Deepens into Blockchain Industry with New DLT Cloud Services
The San Francisco’s company has unveiled four new offerings that use distributed ledger technology solutions for the supply chain industry.
US-based multinational software company Oracle has expanded its cloud services with several new blockchain products in a bid to make that part of its business more attractive in a market where traditional technologies dominate. The unveiled offerings target the supply chain industry by creating distributed ledger technology-based solutions to existing problems such as concerns about transparency and traceability, Oracle said in a statement on Tuesday.
The new blockchain services work as Software-as-a-Service (Saas) and consist of four use-case-specific cloud applications. One of the products offers the blockchain-enabled end-to-end monitoring of goods and services while the second tracks the origin, authenticity, and transformation of products, and a third examines the goods’ temperatures. The fourth service automatically generates smart contracts to bring transparency in regard to warranty and insurance claims.
“Modern supply chains generate millions of data points and thousands of daily transactions that need to be validated and confirmed. This limits the pace of business and exposes organizations to risk,” US firm explained in its press release.
“Oracle Blockchain Applications 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.”
Last year, Oracle revealed its first DLT cloud products, which were more general oni nature. The new services change that model and come several months after Oracle published its financial results for the fourth quarter of the US fiscal year, ending in June. The cloud division results were disappointing compared to the overall positive trend of the firm.
“In Q4, Total Revenues were up 3% to $11.3 billion compared to Q4 last year. Q4 Cloud Services and License Support revenues were up 8% to $6.8 billion. Q4 Cloud License and On-Premise License revenues were down 5% to $2.5 billion,” Oracle explained in its latest financial statement.