Though the technology of blockchain has been in the spotlight over the last few years, it can be argued that to many businesses it still is an enigma – a tech jargon expected to have overarching benefits, but hard to figure out nonetheless. The trouble lies in figuring out an exact process through which blockchain could be adopted without causing a splash in the organizational setup in place.
A recent SAP study showed that 92% of all its survey respondents held a favorable view towards blockchain, but a measly 3% of them were actually using blockchain in production today. The gap between the ‘interested’ and the ‘doers’ is ostensible, and to bridge the divide requires a precise definition of the value blockchain could bring to a business – possibly in terms of growth, visibility, and transparency.
In light of this, SAP announced today that it plans to expand its SAP Leonardo Blockchain solutions to create immediate business value for its customers. “When it comes to blockchain, there are a few things to consider. One is technology, which helps us to create blockchain related applications. The other thing that we need to consider, and what is often overlooked, is the existing co-application that the company already has,” said Torsten Zube, VP and Head of Blockchain at SAP. “It doesn’t make sense to create something when the company has existing processes, applications and solutions already in place.”