Oracle Blockchain Powers New Business Models in Fashion and Diamond Industries; Set to Drive Disruption

Oracle today shared proof of how customers – retraced and and Everledger - are driving business model change and industry disruption as the result of their use of Oracle Blockchain Platform. Both show how Blockchain is supporting the creation of new sustainable business models that enable organisations, often as part of broader ecosystems to come together and effectively tackle key issues such as provenance waste and fraud.

These uses join other recent customer examples working with Oracle which include: Certified Origins, Circular and CargoSmart for the shipping industry.

Frank Xiong, Group Vice President, Blockchain Technology, Oracle, said, “We are just at the start of the incredible change that blockchain technology is driving. It is empowering new business models to be formed that are no longer confined to one company but transcend organisational boundaries, often as part of ethically minded and sustainable ecosystems. Inherent is the need for trust and partnership and sharing of key business information. Blockchain helps to improve collaboration and communication between the involved parties of a supply chain and it can also help strip out double entries and third parties and instead provide a single, scalable system of record that is nearly invulnerable to attack, provides unmatched data fidelity and is relatively low cost to implement.”

Driving fair and sustainable practices

In Frankfurt, the founders of retraced presented how reliable transparency in fashion supply chains can look like. At the example of their own fashion brand CANO, a young shoe company that stands for sustainably and ethically handmade Mexican huaraches, they shared how Oracle Cloud will underpin its “retraced” retail focused Blockchain offering, which aims to help bring more transparency to the fashion industry’s supply chain. Already used by Cano, it supports the company’s vision to foster traditional craftsmanship and to promote fair and sustainable manufacturing practices. It provides track and trace capability, enabling each shoe to tell its own story, to reveal every face behind the product who had a hand in bringing it to market and to show the provenance of its raw materials.

Promoting digital provenance

In Singapore, Everledger, a pioneer in digital provenance tracking, whose blockchain-based platform is trusted by many industries including diamonds, coloured gemstones, fine wine and art, revealed that Oracle’s enterprise-grade blockchain platform is now available as part of Everledger’s blockchain-based solution. This follows a rigorous development and scale evaluation process. As part of this, Everledger, a global emerging technology enterprise leading the way in real-world applications of blockchain, assessed Oracle’s blockchain offering for its ability to provide extended product capabilities to support enhanced customer solutions.

In particular, the alignment will give Everledger users the ability to shadow blockchain transactions into a relational database, making it easier to run analytics on those transactions. This will enable improved decision making, for example, users will be better able to determine how long it takes to transport gemstones from mine to the wholesaler and the retailer.

Leanne Kemp, Founder & CEO Everledger says, “With an increasing consumer consciousness and a vocal demand for transparency, our work is focused on engaging entire business ecosystems to provide consumers the ability to make fully informed purchasing decisions. It is thus key for us to enable the ease of systems interaction and provide value add to our customers. The inclusion of Oracle Blockchain Platform in our offering enables us to deploy more innovative products and solutions for our customers globally, in particular with improved time to market for business intelligence reporting solutions. Oracle’s comprehensive enterprise-grade offering will allow our customers to realise more from our blockchain-based platform and crystalise value from the data in their own systems.”