By building the Oracle Blockchain Platform in eight geographically dispersed data centers around the world, Oracle is enabling customers to build blockchain applications more easily since the platform provides all the necessary plumbing and obfuscates a lot of complexity. This allows developers to focus on the business problem they are trying to solve. Companies are able to get up and running with a blockchain-driven application in 15 minutes.
The newly released enterprise edition enables clients to run the platform in their customer data center just like other Oracle software products. This is in response to customers who have concerns over data regulation and sovereignty and wanted something to run in their own datacenter. Frank is seeing more clients with hybrid blockchain platforms in the cloud and on-prem.
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On Monday, during the keynote, Larry Ellison announced that blockchain tables are available inside a database to ensure secure storage of data that can not be changed even by the DBA.
The enterprise-grade blockchain platform provides resilience, scalability, and security. Built-in identify management and data encryption meets industry and compliance requirements. Use cases include:
Intelligent track and trace for supply chain management, combined with IoT to track from beginning to end for pharmaceutical vaccine distribution, from cooling the truck to injecting the vaccine, everyone will have a clear record of the source of the vaccine, the transportation, delivery, and administration.
- Oracle is developing whole infrastructures for companies like GE — jet engine, financial, medical equipment, power, and energy each sector is working with many different ERPs who want to streamline the transaction process with blockchain — building a proof of concept in six weeks.
- Creating a connected Autonomous Data Warehouse to blockchain and stored in Oracle Autonomous Databases to have a clear picture of transactions throughout the supply chain.
- Using AI to figure the trend of currency exchange rates to optimize value.
- Arab Jordan Investment Bank is using identity management and encryption to enable global financial transfers between international subsidiaries in seconds rather than two or three days.
- CargoSmart – logistics software is using blockchain to track documents for container shipments, can have up to 200 documents per shipment, if anything is missing then unable to offload container for delivery of sit in a warehouse. The consortium includes multiple ship lines, ports, and warehouses which log each step, everything is recorded time and place, when a container arrives in port, they have blockchain documentation and are able to identify missing documents before try to offload the containers thereby making the entire process more efficient while reducing costs.
- Many other companies are building applications in production. Circulor is a European company tracking minerals from where they are produced to where they are users. Minerals may be mined in Africa or Rwanda, and buyers want to avoid and goods produced with child labor. The collector is licensed and registered, facial recognition verifies they are approved to mine, then on to refiner to verify the purity of the chemicals and mineral.
- Volvo wants to know all the resources to produce the batteries from the inception to the completion. If the battery is recycled they can track that too.
- Certified Origins Group is tracking olive oil produced in Italy. Some merchants in the middle of the distribution get lower quality oil from the Middle East to blend with the oil from Italy. Starting from the olive trees, to the harvest, to the processing, to the bottler, and shipper every step in the process is tracked via the blockchain.
This same process will work for organic food as well. Growers, distributors, retailers, and customers are able to track all farmed items and in the case of contamination, you’re able to quickly identify the source of the contamination without throwing out perfectly good food.
Provenance is an overarching use case. According to Frank, APAC and European companies are driving a lot of activity. The U.S. catching up. More vertically integrated companies have less need to track the provenance of everything in their supply chain, but as it becomes easier to do, more companies are making this part of their SCM and distribution process.