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Technical Perspectives

WHY BLOCKCHAIN IS A GAME-CHANGER FOR ORACLE NETSUITE

Written by Nikhil Koranne Posted May 4, 2018

Following the market crash this past December, thought leaders began considering blockchain outside of its conventional context. In separating blockchain from Bitcoin's shadow, we have unearthed a revolutionary set of applications pertaining to industries unrelated to finances or currency exchange. For over a decade, blockchain was only used in support of cryptocurrencies, but now it has been discovered that blockchain can offer a vast web of processes the same features it brought to currency, unparalleled security, total transparency, lower costs, and much more.

For individuals battling with the concept, you are not alone. The fact that blockchain exists purely in a digital form, makes it difficult to see big picture. The best way to describe blockchain is as a public record keeping device, where P2P interactions are verified and then added to the record. However, this ledger is not centralized to any single hub, and is instead distributed across a decentralized network making it incorruptible.

Logically, the original thought was payments, to use the decentralized network as a way of addressing all of the grievances that stemmed from traditional banking, managing capital flow through a public ledger to eliminate intermediaries and return autonomy back to the individual. Now, it is understood that a decentralized ledger does not just serve monetary transactions, but exchanges of all kind-curating data exchange, executing agreements, or automating repetitive processes.

Recently, Oracle NetSuite announced the release of Oracle Blockchain Cloud, offered in conjunction with their preexisting services including their ERP solutions, HR solutions, and PSA offerings. NetSuite leverages their blockchain compatibility as a means of optimizing their current offerings to support business owners interested in the technology, but also interesting in remaining a NetSuite customer.

An Easy Integration

NetSuite has made the integration easy for customers, exposing their customers to a vast SuiteCloud Developer Network (SDN). The SDN, comprised of 40,000 global organizations, is capable of developing blockchain applications tailored to each NetSuite consumer's specific needs.

Chetu ensures that all clients outfitted with NetSuite offerings, receive a NetSuite-compatible solution that integrates seamlessly with the preexisting architecture. NetSuite offers the Oracle Blockchain Cloud Service API to ease onboarding and integration concerns following the implementation of a custom blockchain solution prepared via the SDN.

To educate NetSuite customers on the risks and benefits inherent to their new blockchain offerings, NetSuite has created a webinar series. The series is intended to encourage customer adoption and answer lingering questions regarding the technology.

Unparalleled Security

In an age where informational exchange is fluid and continuous, security has become an imperative for business collectives, as well as the individual. In deconstructing central data systems, and preparing that information across a broad network of nodes, blockchain addresses the traceability and communication deficits bogging down supply chain processes.

The idea is that in eliminating the voices contributing to a singular conversation, the more clear-cut and direct the conversation becomes. With a more direct dialogue, blockchain reduces error and miscommunication. Two parties agree on a set of terms, which are programed into the blockchain, when the terms are met, the agreement executes automatically. This agreement can exist between supplier and receiver, employer and employee, or simply as a set of directives.

For supply chain management, automating relationships can be revolutionary. Often, the web grows too large and complex to effectively manage manually. Manually configuring supply chains leaves them open to human error. Storing the supply sequence across the decentralized leger leaves it impermeable to human error and transparent to all parties involved. Every part of the web can manage their interactions through the ledger without worrying whether the sequence accurately reflects the supply chain. Once information is stored on the blockchain, it cannot be changed.

Lower Costs

There are a few different ways blockchain will lower costs. For one, it will allow NetSuite customers to reduce their internal team, cutting operational costs while increasing security and efficiency. Considering the blockchain reduces human error, businesses will spend less money doing damage control and fixing situations caused by miscommunication.

Businesses will cut out intermediaries that were previously required to organize and record the data now stored within the blockchain. For those leveraging blockchain for transactions, they will also save money by eliminating hefty transaction fees imposed by banks and no longer suffer from exchange rates.

Contact Chetu to Learn More About NetSuite Blockchain Solutions

In addition to an increase in security and a reduction of operational costs, NetSuite customers will also get the following benefits from blockchain:

  • Faster payments
  • Invoice tracking
  • P2P Lending
  • Treasury and liquidity services
  • Improved cash management
  • Transparent transactional services

To learn more about how blockchain can revolutionize your current NetSuite system, contact Chetu today. Moving forward, blockchain will become increasingly important to every day processes. By learning more today, you will become the thought leader of tomorrow.

Disclaimer:

Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies and blogs are written with the full cooperation, knowledge and participation of the individuals mentioned. This blog should not be construed as legal advice.

Chetu was incorporated in 2000 and is headquartered in Florida. We deliver World-Class Software Development Solutions serving entrepreneurs to Fortune 500 clients. Our services include process and systems design, package implementation, custom development, business intelligence and reporting, systems integration, as well as testing, maintenance and support. Chetu's expertise spans across the entire IT spectrum.

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