In this era of digital currencies, where the world is soon about to grant Bitcoin an official status, many other cryptocurrencies are also grabbing investors’ attention. Today, along with Bitcoin and Ethereum, investors are also showing their eagerness to find out about other coins such as Zilliqa, and they are curious to know is zilliqa a good investment or not.
Now, while that discussion is beyond the scope of this post, what we intend to talk about here is the underlying platform that is making the world of cryptocurrencies go round. Blockchain technology.
Blockchain is undoubtedly the buzzword today. Many people think that blockchain technology is the next most revolutionary innovation after the Internet. And enterprises are scrambling to make the most of this technology, finding out ways to incorporate blockchain in their existing IT infrastructure. This is where blockchain solutions launched by SAP can make all the difference.
SAP Cloud Platform Blockchain solutions
With the help of SAP’s Cloud Platform blockchain solutions, enterprises can leverage their cloud infrastructure to extend and develop applications using blockchain technology. Incorporating SAP blockchain solutions opens up many new dimensions to the partnering organizations and unlocks newer functionalities.
What are the SAP Blockchain components?
The entire SAP Blockchain platform consists of two major components –
- SAP HANA Blockchain Service, which enables blockchain platforms to establish connections with SAP HANA.
- SAP Cloud Platform Blockchain, which allows the development of blockchain-based applications in the cloud, in a low-risk environment.
How does SAP Blockchain work?
Blockchain solutions from the house of SAP function as a Blockchain-as-a-Service model. This allows partner organizations to build their own extensions based on blockchain, for existing software applications. They can utilize open standards which let users develop new private blockchain models which are based on consortia.
The primary advantage of this is that they can easily leverage blockchain and explore it with the utmost reliability when it comes to operational transparency and keeping account of different executions. As a result, enterprises can take advantage of a low-risk platform that allows them to access the blockchain platform that remains in the cloud. This is not all, for it also allows applications to be integrated with established solutions by leveraging the SAP platform. It creates synergies in processes that exist over multiple parties.
What are the different SAP blockchain services?
The entire SAP blockchain platform comes with an array of different services which include –
- SAP Blockchain-as-a-service – SAP’s BaaS platform is designed to complement existing ERP solutions and other platforms used by enterprises. So, organizations can use it as a gateway, to the blockchain, with a relatively low-risk profile, to derive actionable advantage from this distributed ledger technology and enjoy business benefits.
- SAP BaaS framework support – The specialty of this service is that it is multi-chain, so it can support multiple activities through a single framework. Next, its Hyperledger Fabric is a customized network that facilitates the exchange of data with industry experts, and Quorum enhances the speed of transactions.
- SAP HANA Blockchain adapter – This service allows the seamless adaptation of various blockchain networks.
- SAP HANA Integration Service – This facilitates the proper alignment and enhancement of different features of blockchain technology.
- SAP Cloud Platform Blockchain service – It offers an alternative platform to leverage conventional blockchain solutions, and enables convenient integration with SAP ERP platform through SAP Leonardo. It also provides a medium for integration with advanced technologies and next-gen solutions like IoT and AI.
What are the business benefits of SAP blockchain solutions?
Integrating SAP blockchain solutions with existing applications can unlock a whole new world of business opportunities. Organizations can look forward to embracing a gamut of benefits aided by blockchain technology. Some of the most pertinent advantages that SAP blockchain brings to enterprises are –
- Aids digital transformation with smart technologies – Enterprises can develop and apply automated processes and modern business models that are needed for digital transformation. Blockchain services offered by SAP are designed keeping in mind the development and growth of businesses. It, therefore, becomes more streamlined and easier for organizations to integrate digital modern technologies into their framework without disrupting or impacting existing operations.
- Empowers automation – SAP blockchain solutions help easy automation of different business processes and allow prioritization of operations as per specific requirements of an enterprise.
- Allows greater control over business operations – Organizations can enjoy firmer control over business tasks with data-driven decisions based on accurate data and. SAP blockchain solutions also empower businesses in making real-time decisions and making impactful actions.
- Enhances flexibility – Modern businesses must be able to modify and adapt to the prevalent trends in the industry. SAP blockchain provides a platform that offers much-needed flexibility to organizations in their venture of adapting to a more agile methodology that is in sync with the industry trends.
- Discover newer opportunities – Aided by blockchain technology, intelligent enterprises can unlock many new business opportunities in emerging and advanced fields such as AI, analytics, and much more.
- Boost productivity levels – SAP blockchain solutions can easily boost the productivity of businesses, by making optimal utilization of both human and software resources.
- Facilitates global tracking – For large enterprises with a global presence, end-to-end tracking of diverse business processes and their accurate reporting can be a challenge. But with SAP’s blockchain solutions, the complexities of global tracking across supply chain networks become much more streamlined, with a higher level of accuracy. As such organizations can adhere to higher standards of security, regulate the quality of products and services, and also ensure transparency with information that is recorded by blockchain.
It should be interesting to note that SAP’s blockchain services platform does not focus on collaboration and interoperability. Instead, the main approach adopted in designing this solution is intended for the easy integration of existing enterprise infrastructure with blockchain technology. Any customer of SAP cloud blockchain can connect via a cloud platform, with any network that leverages blockchain technology. Besides, the fact that it also enforces transparency and security along with accountability, makes SAP blockchain solutions different and worth investing in.