Globalization has taken full advantage of the supply chain network, which makes the network more complicated, as the raw materials come from different locations and are shipped to places hundreds of miles away. Industries are shifting towards the adoption of the supply chain network in order to satisfy these challenges. Blockchain only came to prominence after Bitcoin was introduced, but soon this innovation will indeed play a significant role in the supply chain market. The real challenge faced in recent times is the ever-evolving supply chain network and the growing complexities with it. These complexities encompass risks, including products that fall outside the necessary storage variables or risk of contamination. Therefore, the industry has adopted the potential solutions to resolve these risks by using the blockchain technology.
Modern supply chains garner millions of data points and thousands of validated and confirmed daily transactions. This constrains the company’s pace and exposes companies to risk. Oracle recently launched the new Oracle Blockchain Applications Cloud, a new suite of usage- specific software-as-a-service (SaaS) products to enhance supply chain transparency. Oracle Blockchain applications empower customers to track products on a distributed ledger through the supply chain to boost confidence in business transactions, enhance greater visibility across a multi-tier supply chain, accelerate product delivery and contract execution and enhance customer satisfaction. Oracle’s ready-to-business blockchain applications significantly reduce barriers to blockchain adoption and give customers instant business benefits by enhancing trust and transparency in their business network and transforming supply chains.
Intelligent Cold Chain, a blockchain solution from Oracle, monitors and tracks the temperature- controlled supply chain, offers suggestions for optimizing processes and assuring the quality and safety of refrigerated products in the pharmaceutical and food and beverage sectors. These applications are developed with Oracle Blockchain Cloud Service. It enables organizations to build blockchain networks with their trading partners to perform safer and more efficient transactions. Oracle Blockchain applications use the Internet of Things(IoT) and AI connectivity to use real-time data and enhance data accuracy in business networks of customers. The company produces these new technological features to strengthen different aspects of its SaaS tools so that they can have a major impact on all applications.
With smoother business processes and relatively fewer interruptions, the global trade industry is projected to continue to evolve, and blockchain has a role to play in creating a hassle-free, viable supply chain. In addition, business administrators should employ an optimized blockchain approach to provide smarter and efficient services to consumers to make sure that they do not fall behind.