Almost no other technology has garnered as much attention in recent years as blockchain. First used with cryptocurrencies, more and more companies outside of the financial industry are looking into the highly encrypted and secure distributed database.
CxOs are increasingly interested in the topic. According to an IBM study, a third of almost 3,000 interviewed top managers indicated that they were either already using or planning to use blockchain in their enterprise.
Nine out of ten CxOs who want to invest in blockchain see its strengths in revolutionizing financial transactions, developing new digital business models, and establishing more trust and transparency.
Logistics, manufacturing and many more
Simply put, blockchain is a database system dispersed over many nodes of the same network – like the Internet. It’s protected from manipulation through strong cryptography.
The network in which the data is interlinked and encrypted has even more advantages than just security. For example, data transactions are possible without a middleman – and are forgery-proof!
Blockchain could fundamentally change how market participants conduct transactions with each other – consequently turning whole branches of industries inside out. Whether it is in logistics and manufacturing or in the energy sector, numerous companies are already testing the limits of the technology. From exchange of electricity between neighbors to transparent and traceable supply chains – the possibilities are manifold.
SAP and Blockchain
SAP Cloud Platform Blockchain is a Blockchain as a Service offer with which customers can develop and expand business solutions with blockchain technology like Hyperledger Fabric and MultiChain. Roughly 65 companies are involved in the SAP initiative for innovations concerning blockchain technology.
Customers can ask for help with the introduction of products for the manufacturing and logistics chain which are elevated by blockchain technology. It guarantees higher transparency and security and better collaboration in industries like the transport, food and pharmaceutical industry.
The participating companies come from different countries and from different industries, including telecommunications, retail, logistics, agriculture and defense. This diversity is testimony to the high acceptance of the distributed ledger technology.
Blockchain is ever-present in almost every industry. For example, SAP Advanced Track and Trace for Pharmaceuticals supports pharma companies in complying with provisions for the protection against drug forgery.
The solution also simplifies the collaboration with supply chain partners in connection with SAP Information Collaboration Hub for Life Sciences.