Germany-based SAP, one of the largest enterprise software companies in the world, has announced a new cloud platform designed to help corporations develop applications using the blockchain. The firm made the announcement during a company event last Wednesday, saying that the cloud-based platform is meant to provide enterprise companies with the foundation to build business applications on a blockchain system such as Hyperledger Fabric. Hyperledger Fabric is a blockchain platform introduced by the Linux Foundation, which is supported by SAP.
The news comes following the success of its Blockchain Co-Innovation Initiative that saw 65 different companies working together to test blockchain applications in a variety of industries, including pharmaceuticals, food, manufacturing, transportation and the supply chain. Part of that initiative saw the creation of a pilot project called the Farm to Consumer Initiative, which tracks food products across the supply chain. SAP has teamed up with companies such as Maple Leaf, Naturipe Farms and Johnsonville for the program.
With the Farm to Consumer project, SAP has advanced agricultural supply chains to ensure the quality of the goods. According to Torsten Zube, the company’s blockchain lead, “The Farm to Consumer project perfectly showcases a common pattern we see in many of our blockchain projects. Cross-company collaboration along complex value chains for which the technology can remove abundant process steps and friction, and establish automated trust.”
Zube is a strong proponent of the blockchain and anticipates the technology to completely alter current production models in the food industry. He points out, “If enterprises can access the complete version of product history, this could result in a shift from a central unilateral supplier-led production to a consumer demand-led supply organized by a consortium of peers.”
SAP has been extremely proactive with blockchain innovation. It is also launching a blockchain consortium that will enable its members to take advantage of the company’s technology. So far, Intel, IPS and HP Enterprise have joined the group.
SAP is a multinational corporation that specializes in enterprise software. It currently has over 335,000 customers and permanent offices in more than 180 countries. The company was founded in 1972 and is traded on several exchanges, including the NYSE. In 2017, the company reported net income of about $4.5 billion and total assets of approximately $50 billion.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.