Blockchain, business, and finance experts have teamed up to create an open-source platform to integrate SAP and blockchain called SophiaTX.

SophiaTX was formed by Equidato Technologies AG, the joint venture between Decent, the blockchain content distribution platform, and Venaco Group, independent best-in-class SAP and innovation firm. The venture makes it the first open source platform ever to primarily integrate blockchain technology with SAP, allowing both users and integrators to use blockchain.

Integrating SAP and blockchain is said to offer enormous potential for both users and the global economy. 87% of global businesses and 98% of the top 100 most valued brands in the world use SAP software, touching $16 trillion of consumer purchases and 74% of transaction revenue worldwide every year.

This market could be crucial in blockchain achieving, and possibly exceeding, current estimates that it will enable 10% of global GDP by 2027.

Three components

The SophiaTX platform can be thought of as three components. It consists of a blockchain built on Decent’s proprietary blockchain technology, specifically developed and enabled to power a B2B transaction engine; a development platform with integration APIs to SAP and other enterprise applications; and a marketplace for a global community of experts, consultants, and developers to buy and sell apps.

It is open source and tailored to allow traditional enterprise applications to be extended to more robust, collaborative and decentralised blockchain-enabled business models.

“Integrating blockchain with SAP allows businesses to deliver efficiencies, better collaborate along the value chain and even shape their business models, ” said Jaroslav Kacina, CEO of SophiaTX and Equidato Technologies AG.

“Integrating blockchain with SAP and other business applications is inevitably the next frontier for blockchain and for business applications.”