To understand what SAP Leonardo blockchain can do, it’s important to know what the Blockchain concept is. Blockchain in its foundational elements is a reliable record of secure transactions of who owns what – It is based on the distributed ledger technology. Distributed ledger is a database of transactions, shared and synchronized across multiple systems and locations without centralized control. Each member owns an identical copy of the record which are automatically updated as soon as additions are made.
Blockchain ledgers initially formed the basis of cryptocurrencies like Bitcoin and Ethereum. The usage of Blockchain extends today for trading anything of value – property, loans, issuing shares etc.
Enterprises function with vast amounts of transactions that are reliant on third-party intermediaries. This routing renders processes time-consuming and expensive. In business, Blockchain technology can ensure that people, enterprise, machines, and algorithm transact and communicate with each other in a frictionless way. This means that multi-participant transactions can take place at an incredibly fast pace while maintaining complete security for all the parties involved.
With SAP Cloud Platform Blockchain service, you can experiment with Blockchain technology by extending applications, building new ones or integrate new models into your current business process.
As a peer-to-peer platform, Blockchain will reduce the need for certain types of third-party intermediaries.
Accelerate processes in multi-party set-ups that enables quick transactions outside business hours.
Transparency is key in Blockchain as the information can be viewed by all participants and cannot be altered.
By creating leaner, more efficient and more profitable processes, distributed ledgers ensure quick ROI
Blockchain is difficult to hack because of its distributed and encrypted nature, maintaining high-security standards for business and IoT security.
Since blockchain is programmable it can automatically trigger actions, events, and payments once conditions are met.Block Chain Use Cases
Banking stands to be one of the industries most disrupted by Blockchain technology. With its digital and tamper-proof ledger, Blockchain concept becomes an alternative to banks and traditional methods of financial transaction. Some of the world’s most renowned banks adopt Blockchain to speed up their back-office operations and settlements. Another aspect of Blockchain adoption in banking is the usage of digital currency or cryptocurrency for financial institutions.
The Real Estate industry involves large amounts of paperwork and the possibility of counterfeit deeds, inconsistencies in public records and lack of transparency which can pose various issues and fraud. With e-recording, documents can be uploaded into the Blockchain network, providing for cost-efficient transactions, and a secure digital ledger that can be traced with every transfer.
Would you like to know a use case for SAP Leonardo Blockchain technology specific to your industry? Write to us and our industry experts are happy to answer.