Menu

IoT FEATURE NEWS

SophiaTX Reveals New Blockchain Platform Details

By Ken Briodagh November 15, 2017

In a recent announcement, SophiaTX, an open-source platform to integrate blockchain with SAP and other ERP, CRM and SCM systems, has confirmed that its Token Generation Event (TGE) will begin on December 5, 2017.

The company has also unveiled a working Proof of Concept and recently published a white paper full of new details on its functionality and potential for businesses of all sizes.

Details in the white paper reveal limitations of current blockchain, including Ethereum, Hyperledger, and SAP’s own Blockchain-as-a-service (Baas). The company said that these systems do not provide sufficient privacy, speed or features which would allow mainstream adoption by businesses. SophiaTX said it has the potential to transform cross-industry business practices, with customers already in the pipelines for three major applications:

One-to-one Document Exchange will use blockchain to ensure that both the sending and receiving parties of business documents such as invoices, purchase orders, timesheets, deliver notices and quality inspections acknowledge the transaction.

Multi-party Information Exchange will allow multiple parties to collaborate and transfer information efficiently, whilst also providing sufficient transparency and verification to allow a fair and trusted reward of bonuses and penalties across a business ecosystem. For example the blockchain will allow the synchronization of delivery dates for multiple vendors on a shared project, or a collective maintenance effort with coordinated work schedules and shared rewards.

Multi-party Collaboration across Value Chain (Track and Trace) allows verified information to be tracked from the manufacturer to the end consumer, providing a track and trace system for pharmaceuticals, food, luxury goods or other commodities. It could also be used to provide extended warranties, and will allow companies and consumers to verify and communicate supply chain integrity.

The SophiaTX team also revealed a working proof-of-concept (PoC) to a select group of attendees in Zurich. The PoC demonstrated how businesses can use blockchain to transparently and reliably exchange information between their enterprise systems in real time, with a customer invoice directly created in one SAP system automatically transferred via SophaTX testnet to another company using a different SAP system.

“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, SophiaTX. “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.” 


Ken Briodagh is a writer and editor with more than a decade of experience under his belt. He is in love with technology and if he had his druthers would beta test everything from shoe phones to flying cars.

Edited by Ken Briodagh

Editorial Director

SHARE THIS ARTICLE
Related Articles

Augusta University Partners with State to Provide Cybersecurity Education and Research

By: Ken Briodagh    7/19/2018

With the opening of the $100-million Georgia Cyber Center on July 10, Augusta will become home to a one-of-a-kind facility designed to improve Georgia…

Read More

AI and the IoT: Bringing the Benefits of a Safer World

By: Special Guest    7/19/2018

The emergence of the IoT is delivering many benefits across many verticals, but it is also providing huge added value to those working in areas deemed…

Read More

Telit and IBM Accelerate Global Industrial IoT Deployments

By: Ken Briodagh    7/18/2018

Telit's deviceWISE IoT platform is now interoperable with the IBM Watson IoT platform

Read More

SensLynx Announces New GPS Tracking Business Model for Independent Resellers

By: Ken Briodagh    7/18/2018

SensLynx introduces all-inclusive program designed to turn sales professionals and existing businesses into fleet/asset tracking entrepreneurs.

Read More

The Intelligent IoT: AI in the Connected Revolution

By: Special Guest    7/18/2018

IoT devices are all around us, and will communicate 400 zettabytes of data by the end of 2018, but an AI component is needed to make sense of all this…

Read More