Some big news for the blockchain enthusiasts. Oracle has recently announced its collaboration with OriginTrail, the European-based IT firm known for traceability solutions.
Back in July, Oracle had launched their Blockchain Cloud Service Platform and created a frenzy in the market. The product is basically a blockchain cloud service which would provide its clients with a safe environment to test and launch their proof-of-concepts but without the capital costs required by an internal deployment.
OriginTrail is a trustless, blockchain-based protocol network that enables users to share, upload and store data. OriginTrail (TRAC) builds its protocol to meet the industry standards necessary for data sharing in supply chains such as IoT and GS1.
(Read more about: Blockchain in Supply Chain)
Rajko Novak, Managing Director at Oracle Slovenia, said:
“Oracle offers businesses an easy way to adopt blockchain and transform enterprises with the comprehensive and enterprise-grade blockchain platform. Integration with the OriginTrail network enables easier data sharing between companies along the supply chains, all based on distributed ledger technologies.”
He further added that this collaboration with OriginTrail would bring Oracle’s enterprise-grade technology closer to specific supply chain purpose. It will enable the company to extract more value out of data being exchanged in the multi-organizational environment
OriginTrail’s Co-founder, Tomaz Levaks, also commented on this new alliance:
“There is a lot of value that can be captured from data sharing across supply chains. A partnership with OriginTrail will enable companies that are already using Oracle products and services to easily use OriginTrail’s solutions, and the easier integration of Oracle’s systems with various blockchains. We are immensely thrilled to work with a world leader to together tackle challenges resulting from an industry paradigm shift from traditional databases to distributed ledger technologies”
We have, as an industry, realised and fostered the power of blockchain when it comes to traceability solutions. The technology has been widely incorporated by many companies in supply chains for better monitoring. Be it pharmaceuticals or agriculture, the technology has found wide applications. It has eased the process of warehousing to delivery and payment and to even track the quality of the product.
If you are asking yourself, does supply chain traceabillity actually work, I assure you, it does.