SophiaTX - The Blockchain Platform to Redefine Business Models
SophiaTX is a new innovative project led by Equidato Technologies AG, to launch an open source platform aimed at connecting the world of enterprise applications and blockchain. The SophiaTX platform, suitable for businesses of all sizes, will allow a global community of SAP experts, consultants and developers to deliver blockchain capabilities to enterprises across all industries. The adoption is supported by a marketplace which includes APIs and common building blocks, specifically developed for widely-used ERP and CRM systems and other business applications which will allow for inter-connectivity with their respective APIs all supported by the blockchain network.
Whilst the traditional approach focuses on protecting the company’s internal IT environment, this new approach is driven by fast-paced technological advancements and competitive forces which take it beyond a business’ traditional walls.
The potential uses and related benefits of connecting business applications with blockchain are numerous and are in fact likely to grow exponentially once more and more company processes are explored. Based on SAP’s corporate fact sheet from July 2017, 87% of the Forbes Global 2000 companies and 98% of the 100 most valued brands use SAP solutions.
An analysis by McKinsey & Company shows there has been a 31% average quarterly increase in VC capital inflows to blockchain-related companies between Q1 2013 and Q2 2016. That being said, it is clear that the right conditions are in place for innovative projects specializing in connecting blockchain and traditional enterprise solutions. “Businesses can no longer rely entirely on their own internal capabilities. New technologies, platforms and specialized services are emerging so quickly that in order to stay competitive companies must partner for innovation,” said Jaroslav Kacina, CEO of SophiaTX and Equidato Technologies AG.
At the beginning of the journey, 9 months ago, a detailed study was conducted during which more than 15 different use cases across all areas of SAP were identified and commercially validated. The focus was mainly on SAP and non-fintech areas to advance blockchain where others were lacking. The team has deliberately decided to work on practical cases that can be implemented quickly, without extensive regulations, as opposed to highly regulated sectors like banking.
The results were truly inspiring and confirmed not only that blockchain can significantly improve collaboration outside of finance, but that it can re-shuffle business ecosystems across a multitude of industries. “There are countless opportunities for blockchain uses in businesses and it is critical to combine industry-specific knowledge, technology experience in enterprise applications, and new innovative ideas stemming from Blockchain technology.” says Jaroslav Kacina’s business partner and co-founder Matej Michalko, CEO of DECENT.