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Blockchain Overview

How Blockchain is reshaping SAP's strategy

The World Economic Forum has identified blockchain technology, which underpins the virtual currency bitcoin, as one of six computing "mega-trends" shaping society in the coming decade. In a paper issued last year, the WEF estimated 10 percent of global GDP could be stored in Blockchain by 2027.

Companies including Deloitte LLP, JPMorgan Chase & Co. and Toyota Motor Corp. are looking into using, or experimenting with the de-centralized blockchain system, which threatens to supplant some enterprise planning software created by market-leader SAP and others.

"The potential for disruption is huge," said Juergen Mueller, SAP's chief innovation officer, who joined the Walldorf-based company three years ago. "If we would not move, this would be a huge threat."

"If blockchain follows the trajectory of Big Data, the first pioneers may become today's Facebook and Amazon"

How Blockchain and SAP are coming closer?

SAP is writing specialized software for customers in banking, farming, energy, health care and media so they can connect Blockchain to SAP Hana Cloud Platform, which provides a database and applications as online services so customers can add new functions to their SAP systems.
It's working with a variety of blockchain technologies, including the system that supports bitcoin, and with Ethereum.

In one example, SAP is using blockchain software to let patients share electronic medical records with doctors or drug makers for a specific time period, during medical care or a study. It's designing a system for farmers' weather insurance that would pull rainfall data from sensors in the field, then automatically inform insurers if there's a drought that would trigger a payout.

SAP's Customers are also excited and exploring Blockchain

SAP's customers are intrigued, interested, and in some cases, actively exploring blockchain. It's become a disruptive element even in terms of how organizations think of their business model and industries at-large.
For example, if you work in an insurance company, you're imagining how blockchain might change the relationships between the people in your industry - it's pretty disruptive and something to be concerned about. Some customers may be conducting R&D isolated from the rest of the business. Since SAP is their enterprise platform in the traditional ledger, they're asking SAP for help in connecting the dots between the SAP products and real systems today so they can turn the blockchain concept into business results.

Other Companies are also investing huge in Blockchain

SAP isn't the only tech heavyweight developing on blockchain. Microsoft Corp. has teamed up with the banking consortium R3 to test money transfers and other financial capabilities using the technology.
IBM is working on the Hyperledger project to create blockchain standards across industries such as finance, manufacturing and IT.

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