There is likely no other subject that is as contentious around the IT sphere when it comes to blockchain. This technology has made a real revolution all over the world. If our article is not the first one you read on a blockchain, you should understand that a blockchain is not Bitcoin. However, we are prepared for the fact that this phrase will come as a surprise to someone.
What is blockchain technology?
Wikipedia says that a blockchain is a type of distributed ledger technology that consists of a growing list of records, called blocks, that are securely linked together using cryptography.
We agree — too many unclear words. Watch the video below, which will definitely answer the question of what blockchain is once and for all.
How SAP uses blockchain
Research company Gartner forecasts that by 2030 this technology will yield $3.1 trillion for enterprises across the globe. SAP does not stand by, and below are several ways the company provides a pass to blockchain technology.
SAP Blockchain-as-a-Service is a means to access blockchain services provided by companies such as Hyperledger Fabric, MultiChain, and Quorum.
Through SAP blockchain components: SAP Cloud Platform Blockchain and the SAP HANA Blockchain Service, which enables enterprise blockchain platforms to connect to SAP HANA.
SAP Blockchain allows customers to grow their own blockchain extensions for current applications widely accepted over the industries. It makes use of open standards, letting the users create new consortia-based blockchain models that are confidential.
SAP Cloud Platform Blockchain integrates with the rest of an SAP ERP system using SAP Leonardo. Customers can use this for many functions, for example, shipment tracking or mobile device management.
Recently, SAP formed the Business Blockchain Bridge to facilitate integration. This solution can connect many business applications with a blockchain network using APIs so that a business can perform transactions, messages and transfer virtual assets.
SAP has also been integrating blockchain in many ways in the SAP Business Network so that a network of trusted first, second, and third-tier suppliers can cooperate more efficiently.
Another solution worth mentioning is GreenToken by SAP. This system is facilitated by blockchain technology and ensures clarity of raw material usage, which occurs before some products enter a supply chain. Businesses are now subject to Environmental, Social, and Governance legislation, like having to ensure some materials are sustainably sourced.
A little about the future
Companies and governments around the world continue to test and implement blockchain technology. In the future, humanity will reach a point where public currency and medical records will be based on the blockchain.
So far, the entire ecosystem of the SAP blockchain looks promising. Experts predict that blockchain will become the foundation of the business model of SAP cloud service providers in the coming years. Thus, we can confidently expect an increased demand for SAP blockchain specialists in the coming years. To stay relevant in the job market, you should thoroughly research blockchain technology.
Do you want to be one step ahead of other SAP specialists? We at PROSAPIA keep one’s ear to the ground and follow trends. Contact us to discuss your career opportunities.