Business transactions over blockchain. Fast – Secure – System to System automation.
The SophiaTX team has delivered and unveiled a working Proof of Concept that demonstrates how companies can exchange information between their enterprise systems, such as SAP, using SophiaTX blockchain. As per SAP company, its software touches 74% of the world’s transaction revenue and is used by 87% of Fortune 2000 companies.
The proof of concept shows the capability of sending a variety of documents and in the demonstration they showcase a customer invoice automatic transfer between SAP systems. The customer invoice was created directly in one SAP system and then automatically transferred via SophaTX testnet to another company using another SAP system. A detailed description of this example, as well as others, can be found in the project’s whitepaper.
Blockchain allows the parties to transact in real time while acknowledging trust and transparency. “The information exchanges such as these can connect companies in many different ways, drive significant cost efficiencies and even completely redefine how companies collaborate.” said Jaroslav Kacina, CEO of Equidato Technologies AG, the company behind SophiaTX.
The solution has been built using the SophiaTX API which encrypts the data before sending it to the blockchain. SAP Business One systems which are connected to the blockchain listen for incoming messages; when a message is received by the client application the information is decrypted and presented to the end user in a meaningful way.
“The Proof of Concept uses all the building blocks which we have architected in our solution” said CTO of SophiaTX, Martyn Harler. “Data is encrypted and sent securely over our testnet and then processed by the receiving system in a matter of seconds. Using traditional methods such as the Post or EDI would take a much longer time to process, the traditional mechanisms also don’t provide the security which our solution provides or the proof of delivery which is intrinsic to the Blockchain technology.”
“The Proof of Concept clearly demonstrates the capabilities and dedication of our team, and most importantly it’s a great starting point to engage our potential customers in exploring usage of SophiaTX.” said Jaroslav Kacina.
SophiaTX is a blockchain platform and marketplace for businesses of all sizes, and the first open source platform to primarily integrate blockchain technology with SAP and other enterprise systems (video). As an open source platform, it contains integration APIs to SAP and other enterprise software, covering leading ERP, CRM and SCM systems. SophiaTX blockchain is tailored for extending traditional enterprise applications and allows for the enhancing and reshaping of current business models.