SophiaTX Aims For Blockchain Integration with SAP and Other Enterprise Software

Blockchain, FinTech, ICO News, Innovation, Interviews, Investing | November 3, 2017 By:

SophiaTX claims to be the first platform to focus on integrating blockchain with SAP and other major ERP, CRM, and SCM systems for enterprise applications. The project was born from the idea of creating a link between two ecosystems – the traditional enterprise application software that is largely represented by SAP, and the emerging ecosystem of Blockchain.

The platform can be thought of as three components. It consists of a blockchain built on Decent’s proprietary blockchain technology, (specifically developed and enabled to power a B2B transaction engine); a development platform with integration APIs to SAP and other enterprise applications; and a marketplace. The platform is fueled by the SPHTX token, which is used to cover mining and transaction fees, allow access and subscriptions to the development platform and marketplace, buy and sell assets or micro-assets & services, and allow for in-app purchases.

SophiaTX CEO Jaroslav Kacina answered a few Block Tribune questions.

BLOCK TRIBUNE: Explain how you envision this will work.

JAROSLAV KACINA: Our aim is to build a blockchain which is suitable for business. It must be secure, compliant with regulations, and must be able to connect to company enterprise systems such as SAP. We provide three things: a) blockchain b) development platform where developers can build apps (SAP system plug-ins, etc) , and c) marketplace where developers can buy and sell apps. Effectively SAP system will use blockchain as messaging & transactions layer. Having said that this patfrom approach is allows for unlimited use by business i.e. even outside of SAP or systems. That is significant upside of our approach.

BLOCK TRIBUNE: Will companies feel secure using a public blockchain for their proprietary information?  How will security be dealt with?  Will there be sharing capabilities for the companies that do wish to share?

JAROSLAV KACINA: One of the primary reasons for creating SophiaTX, is to build a blockchain which is suitable for business i.e. secure, efficient and compliant. Our development platform will allow for companies to choose level and types of security and other features required for business transactions and scenarios. Our technology roadmap reflects key development aspects required for making SophiaTX secure and complaint including: advanced encryption, off-chain document storage, services for recovery of private keys, auditability, etc.

BLOCK TRIBUNE:  What are the advantges of putting SAP on the blockchain?

JAROSLAV KACINA: SAP and other business applications are build as centralized systems, which is great for internal efficiencies. However, these system lack inter-company connectivity in peer to peer fashion. SophiaTX blockchain allows for companies to collaborate, internally or externally, in more efficient way and drive further cost savings.  This collaboration will eventually drive re-shaping of their processes and business models, as described in several examples in our whitepaper. We are at the beginning of major transformation of inter-company collaboration and efficiencies and SophiaTX is taking the blockchain community into the business.

BLOCK TRIBUNE:  How will your company make money?

JAROSLAV KACINA: Our company will make money by providing advisory and implementation services for SophiaTX. Success of our company is directly tied to adoption of SophiaTX and vice versa. That is why we have developed Partnering program with many SAP and IT integrators.

BLOCK TRIBUNE:  What will the tokens allow you to do in the ecosystem?

JAROSLAV KACINA:  The token will have multiple uses on the blockchain, within the marketplace and will also be included as a utility token in many decentralized applications (Dapps):

–          Transaction fee and reward for miners validating transactions and blocks on the blockchain

–          Subscription to access rights to the development platform and marketplace

–          Reward allocation for buying and selling of assets in the marketplace (App Store and Dev Store)

–          Reward for the developers when an end customer installs and uses a SophiaTX Application (Dapp license)

–          Transaction and data storage fee for document file server

–          Licensing for private Blockchain

BLOCK TRIBUNE:  What other enterprise applications are you considering?

JAROSLAV KACINA: We are an open source platform and thus all desired applications can be connected. That is one of the primary reason’s why we created open collaboration project – to drive and allow adoption by both traditional vendors and innovative startups.

BLOCK TRIBUNE:  What is your time frame for the ICO and what will be the reserve?

JAROSLAV KACINA: Token generation event is scheduled for Dec 5, 2017 and will last 10 days.