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Blockchain now seen as integral to organizational innovation

Michael Richter
Senior Director Product Marketing

Oracle has been an early player in the blockchain space. The Oracle Blockchain Platform was launched in 2018, as well as Blockchain Tables with Oracle’s Database in 2019. To make it easy to implement, in June 2019, blockchain technology was embedded in our supply chain and manufacturing SaaS offering, Oracle Intelligent Track and Trace, enabling supply chain managers to leverage all the capabilities that blockchain affords with a configurable application. Trust, transparency, reduced reliance on intermediaries, and automation all make blockchain compelling for enterprises. It’s no longer looked at as a science project and you don’t need to be an engineer or a scientist to start using blockchain technology because Oracle does the heavy lifting. Instead, you can focus on your business.

Common use cases include protecting perishable goods by monitoring their condition throughout their supply chain journey, tracking and tracing items down to a precise serial number, and detecting issues by setting up automated triggers and alerts when certain thresholds are met with the help of smart contracts. 

Deloitte recently published their annual survey about blockchain. Leaders no longer consider blockchain technology groundbreaking and merely promising. Deloitte’s 2020 Global Blockchain Survey polled a sample of nearly 1,500 senior executives and suggests that initial doubts about blockchain’s usefulness are fading as business leaders now see it as integral to organizational innovation. As a result, they are putting money and resources behind the technology in more meaningful and tangible ways.

This survey focused significantly on digital assets and currency and also named use cases including track-and-trace, record reconciliation, data access and sharing, and identity protection, all of which directly relate to supply chain and manufacturing scenarios. Some key survey results showed that organizations view blockchain as a top-five strategic priority and are planning to increase investments in staff and blockchain technology.  There’s been a substantial jump in blockchain adoption from 23% in 2019 to 39% in 2020 with more confidence in meeting blockchain regulatory requirements such as geography-specific regulations, smart contracts enforceability, and other industry-specific issues. The level of security offered by blockchain solutions was ranked as 64% more secure compared to conventional IT solutions.

To learn more about how you can maximize the capabilities of blockchain to gain new insights and improve collaboration for supply chain and manufacturing, register now for the upcoming Oracle Cloud SCM Virtual Summit.

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