Blockchain adoption is spreading throughout society and business at a phenomenal rate. According to market research firm International Data Corporation, the global expenditure on blockchain is expected to grow at a compound annual growth rate of 73.2% to reach a figure of $11.7 billion in 2022.
“Enthusiasm for the blockchain continues to be universally shared across regions as businesses and organizations alike continue to explore the technology’s potential business application,” said Stacey Soohoo, research manager with IDC’s Customer Insights & Analysis team. One of the businesses that has expressed a deep interest in and passion for blockchain technology is SophiaTX, the first open source platform to integrate blockchain technology with enterprise systems and reshape business models.
SophiaTX successfully launched its mainnet with the primary purpose of creating a public blockchain with features and capabilities suitable for enterprise use.
With its fast and secure blockchain, SophiaTX is projected to disrupt current business models by providing a truly decentralized enterprise ecosystem that enables companies to deliver efficiencies and to better collaborate along the value chain.
Since it’s inception in early 2017, SophiaTX was the first open source platform focusing on integrating blockchain with SAP, Oracle, Microsoft and other major ERP, CRM, and SCM systems. It offers significant value by using blockchain in a company’s operational and management processes to ensure maximum transparency, traceability, and trust.
SophiaTX has established multiple collaborations and partnerships. This includes working with Ernst and Young for the purpose of integrating blockchain technology into the automotive industry as well as with Hyperledger for research and development purposes. Other SophiaTX partners include BizCode in Poland, Cheng & Co. in Malaysia, Biotron in Slovakia, and ArkTree in South Africa.
In May, SophiaTX was named one of the top 10 best blockchain solution companies by both Enterprise Security and CIO Applications magazines, the latter also naming SophiaTX ‘blockchain company of the year’.
“We’re pleased to go live with our much anticipated business blockchain, which we consider a crucial step towards unveiling the immense potential of blockchain to the world,”said Jaroslav Kacina, CEO of SophiaTX. “We can finally start engaging with businesses and lead them through the next wave of digital transformation.”
The cryptographically secure, distributed data technology of SophiaTX will greatly benefit a wide range of industries that deal with slow, complex, and lengthy processes, compromised security, and hefty fees. It is set to empower businesses to track and trace the ownership of assets across trusted boundaries, spur opportunities for cross-organizational collaboration, and innovate new business models. It can expand the breadth of digital transformation from a single organization to the workflows it shares with its suppliers, customers, and partners.
Being built on Graphene blockchain – the same protocol behind well known Bitshares, Steem, and EOS – allows SophiaTX to provide a fast, secure, and developer-friendly platform to build and deploy distributed blockchain based solutions.
The adoption of the SophiaTX blockchain is supported by a marketplace that will include many valuable processes flows, use case designs, APIs and common building blocks. It has been specifically developed for widely-used ERP and CRM systems and other business applications.
“It’s only a matter of time until enterprise grade blockchain becomes an essential part of the business world,” said Kacina. “The conception of a smart global economy built on this technology of trust is already at work as we speak, and we are proud to be a part of it.”