Oracle Delves Into The Blockchain The Industry With New DLT Cloud Services

Oracle, a U.S.-based multinational company, has expanded its cloud services with several new blockchain products to make this part of its business more attractive in a market dominated by traditional technologies. The proposals presented are aimed at the supply chain industry by creating solutions based on distributed ledger technology for existing problems, such as transparency and traceability issues, Oracle said in a statement on Tuesday.

The new blockchain services operate as software-as-a-service (Saas) and consist of four cloud applications specific to a particular use case. One of the products offers end-to-end blockchain monitoring of goods and services, while the second tracks the origin, authenticity and transformation of products, and the third studies the temperature of goods. The fourth service automatically generates smart contracts to ensure transparency regarding warranty and insurance claims.

Last year, Oracle introduced its first cloud-based DLT products, which were more General in nature. New services are changing this model and are emerging a few months after Oracle published its financial results for the fourth quarter of the fiscal year in the United States, which ended in June. The results of the cloud division were disappointing compared to the overall positive trend of the company.